Uncontrolled Opinions

About Uncontrolled Opinions

All things transfer pricing. Uncontrolled Opinions is an open-ended exploration of all things transfer pricing. Silvana and Mikhail, share their views and insights from a practical transfer pricing economists lens.

Publisher

Silvana and Mikhail

Category

business

Language

en

Explicit

No

First episode

25 Apr 2024

Latest episode

9 Dec 2025

Latest episodes

15 episodes in the feed.

1. 

   9 Dec 2025

   Interco Financing and Swaps

   In this episode, Mikhail and Silvana welcome Adriaan van der Heijden (https://www.linkedin.com/in/adriaan-van-der-heijden-23522494/) from Quantera Global, a specialist in financial transaction transfer pricing. Part 1 — Intercompany Financing: Foundations, Challenges & Evolving Practice In Part 1, Mikhail and Silvana sit down with Adriaan to explore how intercompany financing has evolved with OECD Chapter 10, new local rules, and growing audit scrutiny. They discuss the core elements of a sound financial transaction analysis—accurate delineation, debt capacity, two-sided assessments, options realistically available, substance, and governance—and walk through practical challenges that in-house teams and advisors face. If you want a clear, practical overview of today’s IC financing landscape and best practices, Part 1 sets the foundation. Part 2 — Use of Swaps for comparability adjustments & Local Perspectives (US & EU) Part 2 dives into the tools and data behind benchmarking intercompany loans. Adriaan explains swaps in plain language—fixed-to-floating and cross-currency—and how they help practitioners make comparability adjustments when market data is imperfect or illiquid. The conversation also covers bond vs. loan market data, reliability of secondary market yields, and how different jurisdictions (US vs. Europe) view methods, safe harbors, and evidence. Part 2 is a practical guide for anyone dealing with real-world constraints in financial transaction TP. ***** Adriaan van der Heijden https://www.linkedin.com/in/adriaan-van-der-heijden-23522494/

2. 

   29 Oct 2025

   Highlights from NABE 2025 TP Symposium

   In this episode of Uncontrolled Opinions, hosts Mikhail and Silvana recap some of the highlights from the NABE 2025 Transfer Pricing Conference.  Mikhail and Silvana explore several of the most interesting panels, including: ·         Go Big or Go Home: Periodic Adjustments After the 2025 GLAM and Facebook (https://www.youtube.com/watch?v=qkUbNdhbyL8&t=7855s) ·         The Past, Present, and Future of the Comparable Profits Method (CPM) (https://www.youtube.com/watch?v=LS5D4CEJ7eA&t=20150s) ·         CUT to the Chase: IP Valuation in Court and on the Ground  (https://www.youtube.com/watch?v=pXu32MpLp8I&t=6060s) (The links above are YouTube links with timestamps to the panels that are discussed in this episode)

3. 

   27 May 2025

   Why We Do This

   The hosts explore their motivations for launching the podcast and discuss the need for transparency within the transfer pricing industry in this episode.

4. 

   8 Apr 2025

   Economic Substance and TP

   In this episode of Uncontrolled Opinions, we welcome Clark Armitage (https://www.caplindrysdale.com/professionals-carmitage) a leading  international tax and transfer pricing lawyer to discuss about economic substance in the context of transfer pricing. We dive into the economic substance doctrine —its origins, why it was codified in Section 7701(o), and how it intersects with modern transfer pricing, BEPS initiatives, and risk management.  The conversation also covers current cases where the IRS has asserted the lack of economic substance in challenging taxpayers, litigation trends, and practical considerations for taxpayers structuring cross-border transactions.

5. 

   26 Mar 2025

   Amount B / SSA Refresher

   In this episode, we refresh on Amount B / Simplified and Streamline Approach (SSA).  We cover what has happened since February 2024. For a deeper dive, explore the resources below, including guidance, fact sheets, tools, and the full OECD report on Amount B: OECD Pillar One – Amount B (https://www.oecd.org/en/topics/sub-issues/transfer-pricing/pillar-one-amount-b.html) OECD Consolidated Report on Amount B (https://www.oecd.org/en/publications/2025/02/consolidated-report-on-amount-b_869e200f.html) US Adoption of Amount B  (Notice 2025-04 (https://www.irs.gov/pub/irs-drop/n-25-04.pdf)) US Executive Order on “Global Tax Deal (https://www.whitehouse.gov/presidential-actions/2025/01/the-organization-for-economic-co-operation-and-development-oecd-global-tax-deal-global-tax-deal/)” US Senate confirmation hearings for treasury secretary transcript (https://www.rev.com/transcripts/scott-bessent-confirmation-hearing)

6. 

   14 Mar 2025

   Transfer Pricing for Intragroup Loans

   In this episode of Uncontrolled Opinions, hosts Mikhail and Silvana are joined by their colleague Martin Ibarguren, an experienced transfer pricing practitioner with deep expertise in intercompany (IC) financial transactions. Together, they dive into the foundational elements of transfer pricing and documenting intragroup loans. From determining whether a transaction is truly “debt” vs. “equity” to handling limited data for benchmark analyses, this discussion highlights the key factors and practical challenges that transfer pricing economists grapple with when establishing arm’s length interest rates for intercompany loans.

7. 

   13 Jan 2025

   Apple ECJ State Aid Case TP implications

   Mikhail and Silvana examine the European Court of Justice's 2024 ruling on Apple's tax arrangements in Ireland, reaffirming the importance of the arm's length principle in transfer pricing and state aid law.

8. 

   19 Nov 2024

   Country Risk Premium Adjustment in TNMM

   In this episode of Uncontrolled Opinions, Mikhail and Silvana discuss the country risk premium adjustment when applying a Transactional Net Margin Method (TNMM). This discussion is particularly timely, given the recent emphasis on this adjustment in the OECD's Amount B guidance and its mandatory implementation in Brazil's transfer pricing regulations. Key Discussion Points OECD's Amount B Guidance Introduction to the Data Availability Mechanism (DAM) which provides for a country risk premiums adjustment Recognition that entities operating in higher-risk countries may warrant higher returns Brazil's Transfer Pricing Regulations Mandatory application of country risk adjustments when using non-Brazilian comparables in TNMM analyses Challenges arising from Brazil's limited local dataset, necessitating broader geographic comparables Theoretical and Practical Considerations Debate on the appropriateness of employing country risk adjustments to limited-risk entities Potential overlap with working capital adjustments and the need for empirical validation Geographic Proximity vs Country Risk to Select Comparables Exploration of selecting comparables based on similar country risk profiles rather than geographic proximity Discussion of research by Thibaut Roques (TP Qube) and others on “Transfer pricing comparables: Preferring a close neighbor over a far-away peer? (https://doi.org/10.1016/j.intaccaudtax.2022.100471)”  which provides an empirical analysis on the relationship between country risk and return.

9. 

   7 Nov 2024

   Public vs Private Companies in CPM/TNMM Analyses

   In this episode of Uncontrolled Opinions, we explore the pros and cons of using public and private company data in the context of a TNMM or CPM analysis in transfer pricing.  We discuss practical aspects such as data availability, quality, reliability, the impact of size and operating leverage, and the importance of functional comparability in selecting comparable companies. We also cover practical considerations, from regulatory compliance challenges across jurisdictions to best practices for global benchmarks. Whether you're navigating data complexities or refining your benchmarking approach, this episode offers valuable insights for enhancing economic analysis in transfer pricing. Key Points Covered Data Availability and Regulatory Impact Public Companies: Public companies are generally required to disclose detailed financial information to meet investor transparency standards, making them a reliable primary source for benchmarking. Private Companies: Reporting requirements for private companies vary across regions. For instance, UK regulations mandate private companies to disclose financials, whereas in the U.S., many private companies are not obligated to release financial information. Quality and Reliability of Data Public Company Data: Mikhail emphasizes the advantage of using public company data, highlighting the role of regulatory bodies like the Securities and Exchange Commission (“SEC”) in ensuring the integrity and transparency of financial reports..  Public companies also offer comprehensive details, such as annual reports and segmented financial data. Private Company Data: Silvana points out that private companies can provide better comparability in terms of size, especially when benchmarking smaller subsidiaries. However, data inconsistencies and potential biases stemming from ownership and management overlap can pose challenges Size and Functional Comparability Importance of Size: Public companies are typically larger, which may not be directly comparable to smaller subsidiaries. Operating Leverage: Mikhail discusses how company size affects profitability through operating leverage, with fixed costs impacting larger firms differently. Functional Activities: Functional comparability is crucial, sometimes more so than size. Practical Considerations for Benchmarking Sample Composition: A well-balanced mix of public and private companies can create a more robust benchmarking analysis. Regulatory Compliance: Benchmarking across multiple jurisdictions involves navigating diverse regulatory requirements, from independence standards to control parameters. Designing a compliant search strategy across different countries can be complex but is essential for robust benchmarking. Best Practices for Global Benchmarks Purpose-Driven Approach: Clearly defining the purpose of the benchmarking—whether for documentation, planning, or compliance— can guide the methodology effectively. Multiple Data Sources: Combining different commercial databases may be necessary to gather sufficient public and private data. Flexibility: Be prepared to adjust criteria based on jurisdictional preferences and data availability.

10. 

    8 Oct 2024

    TNMM & Local Country Rules

    In this episode, Silvana and Mikhail explore how local country-specific rules impact the use of the Transactional Net Margin Method (TNMM) in transfer pricing. They discuss how different regulations affect the selection of comparables and the calculation of the arm’s length range, using examples from Greece, Malaysia, Italy, and Brazil. The episode highlights the importance of creating rigorous and defensible global/regional TNMM benchmarks incorporating local country-specific requirements. Takeaways Different countries have specific regulations and practices that impact how TNMM Benchmarking analyses should be conducted.. Common differences in local country regulations and practices include Independence criteria, Data availability rules, definition of arm’s length ranges, and Preference for local comparables. Cookie-cutter approaches typically do not work in addressing local rules. Each jurisdiction requires careful consideration and analysis to comply with local rules. Understanding local country requirements can save time and avoid disputes during transfer pricing audits.

11. 

    16 Sept 2024

    AI in Transfer Pricing

    Is there are role for AI in transfer pricing? We believe the simple answer to this question is – yes – but with a few qualifiers.   In this conversation, we dive into what is AI, Generative AI and how next-word prediction can and may be used in a transfer pricing context. While we are generally optimistic, we also discuss the pitfalls of AI, including hallucinations, and why outsourcing judgment in evaluating comparables could be a slippery slope. We do not believe AIs have agency (yet) and advocate for human oversight in deploying and leveraging AI-based automation tools.

12. 

    26 Aug 2024

    Highlights from the NABE TP Symposium 2024

    In this episode of Uncontrolled Opinions, hosts Mikhail and Silvana recap some of the highlights from the  NABE 2024 Transfer Pricing Conference.  Mikhail and Silvana explore several of the most interesting panels, including: ·         Geographic Market Adjustments in CPMs/TNMMs: Amount B and Beyond (https://www.youtube.com/watch?v=Z_xFevbo-7o&t=6720s) ·         AI will make DEMPE irrelevant (https://www.youtube.com/watch?v=Z_xFevbo-7o&t=14226s) ·         Business Acquisitions: Reconciling Transfer Pricing and Financial Reporting for Intangibles in the Context of Purchase Price Allocations (https://www.youtube.com/watch?v=Z_xFevbo-7o&t=1140s) ·         Risky Business: The State of the Risk Control Framework (https://youtu.be/c5IrN9raQo4&t=7247) ·         The Importance of Intercompany Agreements to Transfer Pricing Economists (https://youtu.be/w7csza6MBPA&t=979) ·         The GLAMorous World of Implicit Support in Financial Transaction Transfer Pricing (https://youtu.be/c5IrN9raQo4&t=27906) ·         Realistic Alternatives: When, Why, and Whose? (https://youtu.be/w7csza6MBPA&t=8110) (The links above are YouTube links with timestamps to the panels that are discussed in this episode)

13. 

    23 Jul 2024

    What is Control?

    What is “Control”?  Nope we are not talking about Janet Jackson’s song (https://youtu.be/FMuoowyCkUU?si=FqOv6INrzxWWElW6).  The raison d’etre in TP is pricing of “Controlled Transactions”. So, what is control? In this episode of Uncontrolled Opinions, hosts Silvana and Mikhail dive into the definition of  “control”  in the context of transfer pricing. We discuss the differences between “Control” and “Related Parties”. We also highlight different definitions and ownership thresholds for what constitutes control and/or related party.  We also examine the practical implications of these divergent definitions on transfer pricing benchmarking. 01:08 Defining control in TP 01:51 Difference between “Control” and “Related Parties” 06:16 Regulatory definitions and how they can differ across countries. 11:15 Practical challenges in TP benchmarking 14:32 Opportunity for harmonizing definitions 23:23 Practical implications and future outlook

14. 

    15 Jul 2024

    Arms' Length Range

    Arm's Length Range: In this episode, Mikhail and Silvana dive into the intricacies of the arm's length range, the interquartile range, and various statistical methods used in transfer pricing. They discuss the importance of these concepts in their day-to-day practice and how the arm’s length range and statistical screening can help enhance reliability in a transfer pricing analysis.

15. 

    25 Apr 2024

    The Evolution and Impact of Amount B

    In this Podcast, Silvana and Mikhail discuss the developments surrounding OECD Amount B guidance as it stands in March 2024.  We explore the scope and criteria of Amount B, emphasizing its focus on tangible goods and excluding digital goods and services. We review the three-step pricing matrix and the industry groupings within the draft. We review the current articulation of the “risk adjustments” proposed in the Amount B paper and discuss its merits. 00:00 Initial Reactions to the Latest Amount B Draft 02:59 The Promise of Simplified Guidance and Its Limitations 03:39 Tracing the Origins: BEPS, Digitalization, and Tax Challenges 10:23 Diving into the Details: Scoping Criteria and Practical Implications 18:15 Analyzing the Pricing Matrix and Industry Groupings 21:52 Addressing Qualifying Jurisdictions and Risk Adjustments 30:03 Concluding Thoughts on Streamlining Transfer Pricing Processes

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5.0 / 5

3 ratings

Podcast Authority Score: 7 / 100

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2

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0

YouTube

0

Engagement

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