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Marc M. Levey

Marc Levey is a Senior Counsel in the New York office of Baker McKenzie. He has over 46 years of experience in international taxation and is a nationally recognized expert in his field, particularly in structuring and defending transfer pricing strategies. He has frequently been acknowledged by Euromoney as one of the "World's Leading Tax Advisors," included in its "Best of the Best" global tax experts. He also received a 2017 Albert Nelson Marquis Lifetime Achievement Award from Marquis Who's Who.

The luxury and fashion industry has grown rapidly in recent years, driven by the rising worldwide demand of the image-conscious, growing middle classes in emerging markets, and the incredible advancement and evolution in online retail sales and marketing. These developments have ushered in new challenges for the industry with companies facing more stringent regulations as they expand into new markets and a heightened demand from consumers for greater transparency around sustainability, supply chain, as well as complex tax and corporate issues. This is a Comprehensive global guide to all legal matters relating to the luxury and fashion industry.

On 18 December 2020, the OECD published Guidance on the transfer pricing implications of the COVID-19 pandemic (“OECD Guidance”) providing guidance to taxpayers when applying the arm’s length principle and applying the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2017 (“OECD TPG”) for periods impacted by the COVID-19 pandemic.

This guidance emphasizes the use of the existing OECD TPG and the arm’s length principle to tackle difficulties caused or aggravated by the COVID-19 pandemic. It focuses upon transfer pricing and operating transactions but notably does not deal with transfer pricing of financial transactions such as interest on intragroup debt, other important intracompany transactions, such as management fees, are also not dealt with in the OECD Guidance.

The OECD Guidance should not be viewed as an extension nor as a modification of the OECD TPG.

In brief The Tax Cuts and Jobs Act of 2017 (Public Law 115-97) (TCJA) made significant changes to Section 163(j) effective for tax years beginning after December 31, 2017. On December 28, 2018, Treasury and the Internal Revenue Service (IRS) published proposed regulations (“Proposed Regulations”) implementing the amendments to Section 163(j)…

Despite geopolitical shifts, uncertainty and various factors that seem to affect numerous sectors, the global luxury and fashion industry has tripled in the last 20 years to approximately $300 billion and continues to grow rapidly. But with that broadening and diversification comes a whole new set of business challenges to…