What we will analyze in this thesis is first a general briefing about all flows in the fashion sector. The first chapter would analyze both the flows for this particular sector that generates billion of euros around the world, and the overview on what price should be set in the intragroup exchanges based on the Action 8-10 of the BEPS project, in other words, what method led multinational companies to select and apply the right price method in relation to the external environment, and the so called comparables, that are the results of the benchmark analysis. The second chapter is an extension of the first one because the main topic is the same, but it highlights the critical situations that these methods may encounter in their application. The third one is the recent case of Kering Group, focusing on Gucci S.p.a. situation among different countries and subsidiaries, and I’ll try to explain how they saved millions of euros with just the creation of a branches of Gucci (LGI) based in Swiss for the profit allocation. All the chapter revolves around this theme and it is my personal reconstruction of the facts, this because there was no definitive sentence against Gucci, therefore they reached an agreement regarding the sum to be paid to the Italian tax authorities. Moreover, I focused to another aspect, the residency of the two former Gucci’s CEOs. Thanks to their home in Switzerland, they were able to save several million at the expense of the Italian social security system, with much higher deductions that the Swiss one. Finally, the last chapter would be an introduction to a very sensitive and actual issue, the digital economy explained by the Action 1 of the BEPS project, which is the biggest challenge in years, and it will be very crucial after (during) the Covid-19 pandemic period. It is important to understand the difference between physical stores that use the e-commerce platforms and MNE that use intangibles in order to create value without being present in a given jurisdiction.
La presente tesi prende spunto dal comparto moda, e nel primo capitolo si illustrano quanto articolata possa essere la struttura di una grande azienda che crea oggetti di culto come nel settore fashion. Successivamente, dato il problema del Transfer Pricing, si prova a ricostruire come e perché determinati scambi infragruppo assumano un valore ed un prezzo di scambio rispetto ad un altro, facendo così chiarezza sulle metodologie di applicazione di tali prezzi e dei suoi eventuali rischi nella determinazione dei comparabili attraverso la benchmark analisi. Ci sarà poi, nel capitolo 3, un caso studio riferito al più grande caso di evasione fiscale in Italia, il caso Gucci, che nel 2019 ha visto pagare il gruppo Kering la somma di 1.2 miliardi di euro al fisco italiano. Tutto ciò è stato possibile grazie ad una controllata sita in Svizzera dal nome LGI, la quale è stata assoggettata come “stabile organizzazione occulta”. Infine, nell’ultimo capitolo si evidenzia come entrino in contatto vari aspetti del BEPS Action plans, in particolare l’Action 1, che tratta il tema della digitalizzazione, e l’Action 8-10, lo stesso che mette in risalto nel primo capitolo le problematiche relative alla creazione del valore. Un tema cruciale quello della digitalizzazione, dovuto anche all’attuale storia mondiale. Infatti, il Covid-19 ha spinto tante piccole imprese a sfruttare l’e-commerce, ma sostanzialmente differenti dalle multinazionali che sfruttano la loro volatilità nella creazione del valore per generare immensi profitti senza fare i conti con la tassazione internazionale.
Transfer Pricing in the fashion sector. Analysis of the BEPS action plans 1 - 8/10 and the Gucci case
CUCCHI, MATTEO
2020/2021
Abstract
What we will analyze in this thesis is first a general briefing about all flows in the fashion sector. The first chapter would analyze both the flows for this particular sector that generates billion of euros around the world, and the overview on what price should be set in the intragroup exchanges based on the Action 8-10 of the BEPS project, in other words, what method led multinational companies to select and apply the right price method in relation to the external environment, and the so called comparables, that are the results of the benchmark analysis. The second chapter is an extension of the first one because the main topic is the same, but it highlights the critical situations that these methods may encounter in their application. The third one is the recent case of Kering Group, focusing on Gucci S.p.a. situation among different countries and subsidiaries, and I’ll try to explain how they saved millions of euros with just the creation of a branches of Gucci (LGI) based in Swiss for the profit allocation. All the chapter revolves around this theme and it is my personal reconstruction of the facts, this because there was no definitive sentence against Gucci, therefore they reached an agreement regarding the sum to be paid to the Italian tax authorities. Moreover, I focused to another aspect, the residency of the two former Gucci’s CEOs. Thanks to their home in Switzerland, they were able to save several million at the expense of the Italian social security system, with much higher deductions that the Swiss one. Finally, the last chapter would be an introduction to a very sensitive and actual issue, the digital economy explained by the Action 1 of the BEPS project, which is the biggest challenge in years, and it will be very crucial after (during) the Covid-19 pandemic period. It is important to understand the difference between physical stores that use the e-commerce platforms and MNE that use intangibles in order to create value without being present in a given jurisdiction.File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.12075/1601