Blockchain, RegTech and their Application to Transfer Pricing Activities in the Cloud

Tian, Y

Blockchain, RegTech and their Application to Transfer Pricing Activities in the Cloud

Tian, Y

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Publication Type:: Journal Article
Citation:: Houston Business and Tax Law Journal, 2020, XXI, (1), pp. 142-180
Issue Date:: 2020-11-06

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Field	Value	Language
dc.contributor.author	Tian, Y https://orcid.org/0000-0003-4472-5428
dc.date.accessioned	2020-11-20T05:36:48Z
dc.date.available	2020-11-20T05:36:48Z
dc.date.issued	2020-11-06
dc.identifier.citation	Houston Business and Tax Law Journal, 2020, XXI, (1), pp. 142-180
dc.identifier.issn	1543-2602
dc.identifier.uri	http://hdl.handle.net/10453/144197
dc.description.abstract	This article examines the recent development of transfer pricing (T.P.) activities by Multi-National Enterprise (MNE) groups in the cloud. In particular, this article explores both the risks and opportunities arising from using blockchain-based regulatory technology (RegTech) to regulate T.P. activities in the cloud. It provides an overview of the main forms of cloud-related T.P. activities and highlights key challenges for implementing T.P. rules in the cloud. It explores key features and potential limits of distributed ledger technology (DLT), blockchain, and smart contracts. It also discusses how blockchain smart contracts can be used as RegTech for implementing T.P. rules. Some have suggested that blockchain and other DLT could provide a solution to the practical challenges posed by the widespread use of cloud systems to facilitate T.P. This article critiques this proposed solution and ultimately concludes that such a solution would face significant practical and legal obstacles. The article draws on insights from some recent developments in China, including decisions of the Chinese Internet Court, Supreme Court interpretations, and recently launched judicial blockchain platforms in China. It contends that, although technology measures may serve as an important supplement for T.P. rules enforcement, the advantages of blockchain smart contracts should not be overstated and potential risks must be addressed. The success of blockchain-based RegTech requires the cooperation of all stakeholders and even-development of the capacity to use blockchain technology across different sectors of society.
dc.language	en
dc.relation.ispartof	Houston Business and Tax Law Journal
dc.rights	info:eu-repo/semantics/restrictedAccess
dc.subject	1801 Law
dc.title	Blockchain, RegTech and their Application to Transfer Pricing Activities in the Cloud
dc.type	Journal Article
utslib.citation.volume	XXI
utslib.location.activity	USA
utslib.for	1801 Law
pubs.organisational-group	/University of Technology Sydney/Faculty of Law
pubs.organisational-group	/University of Technology Sydney
utslib.copyright.status	closed_access	*
pubs.consider-herdc	true
dc.date.updated	2020-11-20T05:36:38Z
pubs.issue	1
pubs.publication-status	Published
pubs.volume	XXI
utslib.citation.issue	1

Abstract:

This article examines the recent development of transfer pricing (T.P.) activities by Multi-National Enterprise (MNE) groups in the cloud. In particular, this article explores both the risks and opportunities arising from using blockchain-based regulatory technology (RegTech) to regulate T.P. activities in the cloud. It provides an overview of the main forms of cloud-related T.P. activities and highlights key challenges for implementing T.P. rules in the cloud. It explores key features and potential limits of distributed ledger technology (DLT), blockchain, and smart contracts. It also discusses how blockchain smart contracts can be used as RegTech for implementing T.P. rules. Some have suggested that blockchain and other DLT could provide a solution to the practical challenges posed by the widespread use of cloud systems to facilitate T.P. This article critiques this proposed solution and ultimately concludes that such a solution would face significant practical and legal obstacles. The article draws on insights from some recent developments in China, including decisions of the Chinese Internet Court, Supreme Court interpretations, and recently launched judicial blockchain platforms in China. It contends that, although technology measures may serve as an important supplement for T.P. rules enforcement, the advantages of blockchain smart contracts should not be overstated and potential risks must be addressed. The success of blockchain-based RegTech requires the cooperation of all stakeholders and even-development of the capacity to use blockchain technology across different sectors of society.

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http://hdl.handle.net/10453/144197