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Natalia Valkovskaya

Natalia Valkovskaya

Partner, Head of Transfer Pricing, Tax & Legal

KPMG in the CIS

Natalia has developed and currently leads over Transfer Pricing group at the Tax and Legal Department of KPMG in the CIS. Natalia has extensive experience in many areas of taxation and law, including: assisting clients with negotiating advance pricing agreements with Russian tax authorities, assisting Russian large groups and multinational clients in enactment of new Russian transfer pricing rules (incl. transfer pricing diagnostics and planning studies, transfer pricing documentation, business processes to develop in-house transfer pricing function). Natalia also has experience in assisting clients with development of processes for contemporaneous transfer pricing documentation in multiple jurisdictions, advising Russian large groups and multinational clients on developing tax efficient structures for holding, trading and finance activities within Russia and abroad (incl. European and Asian regions), advising clients on tax efficient deal structures (incl. pre-acquisition structuring, migration of holding/trading locations within European jurisdictions, etc). Natalia’s transfer pricing clients include Russian and multinational companies operating in different industries, incl. oil & gas, ferrous and non-ferrous metallurgy, telecommunications, consumer markets, incl. automotive and FMCG, retail, aviation industry, pharmaceuticals, etc. Studies prepared by Transfer Pricing Group lead by Natalia were successfully used during the first audits to take place under new transfer pricing legislation, as well as to defend taxpayers during litigation under old transfer pricing rules. Natalia’s team works effectively with a specialized tax dispute resolution team which helps our clients to defend transfer prices via the use of administrative procedures and appeals in the courts.

In the Media


Comments for Vedomosti on the implementation of multilateral instruments.

Comments for Vedomosti on a Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS.

Comments for Vedomosti on double taxation avoidance.

Comments for Vedomosti about offshores.

Areas of expertise
Consumer Products Corporate Tax Disputes EU Joint Transfer Pricing Forum Food, Drink and Consumer Goods Risk Management Tax Tax Compliance Telecommunications Transfer Pricing
Education and qualifications
  • Financial Academy under the Government of the Russian Federation, specialized in Finance and Credit, honours degree

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