Bloomberg BNA and Baker & McKenzie LLP hosted a conference and interactive workshop in Washington, DC on 5-6 June 2013 that examined the key transfer pricing issues impacting both US and foreign taxpayers. On the second day of the conference, NERA Vice President Dr. Vladimir Starkov participated in a panel discussion entitled "Challenges of Operating in the BRIC Countries." The panelists addressed the challenges of operating in Brazil, where conflicts arise due to the country's unique formulary approach to transfer pricing; Russia, which introduced comprehensive transfer pricing rules as recently as 2011; India, known for aggressive auditors and copious litigation; and China, where both taxpayers and the State Administration of Taxation must contend with the local tax bureaus and resource constraints.