Varangana Punchihewa is a Principal in Squar Milner’s Transfer Pricing practice within the Tax Services Department. She has over 13 years of experience advising clients in various transfer pricing compliance and consulting matters. Throughout her career, she has worked with numerous top global clients in the consumer products, software, medical device, pharmaceutical, natural resources & renewable energy, and media & entertainment industries.
Prior to joining the Squar Milner in 2018, Varangana spent close to 11 years in Deloitte Tax LLP’s Transfer Pricing practice. While at Deloitte, Varangana serviced various clients to set up their transfer pricing policies and documentation including for FIN48/ASC740 income tax provision purposes. She managed the preparation of U.S. and local county reports to document compliance of various intercompany transactions (based on OECD and IRS guidelines) including fact gathering interviews, technical research, economic analyses and modeling.
Over the last 13 years, Varangana has performed intercompany transaction analysis, comparable industry analysis, industry level economic analysis and multi-year financial modeling for “what if” scenarios to benchmark client intercompany pricing practices and policies. She has advised clients with controversy and planning, including audit defense and negotiation of unilateral and bilateral Advance Pricing Agreements. Additionally, she has guided clients through the processes and operational aspects of transfer pricing. Varangana has reviewed relevant intercompany transaction and conducted planning analyses to benchmark reasonable range of arm’s length results (e.g. proposed distribution, contract R&D functions, etc.). She has also evaluated treaty articles and researched complex tax issues to ensure resolution in collaboration with specialty groups such as VAT, Customs and International Tax.
Varangana has educated clients regarding the latest OECD Base Erosion and Profit Shifting action items related to transfer pricing including performing readiness assessments. Furthermore, Varangana has developed and presented proposals for new transfer pricing engagements, identified opportunities to optimize tax savings through transfer pricing planning, and cross-sold other tax services offerings.
- Master of Business Administration (Concentration in Finance), California State University, Long Beach
- Bachelor of Science (Finance and Marketing, Dual Major), California State University, Long Beach