Bob Dylan famously sung in 1964 ‘the times they are changing’, albeit he wasn’t singing about the international tax world, however, he was right, times were and are always changing. Change is a constant in the world and in the international tax realm, change is inevitable and unavoidable.
Take for example, the Transfer Pricing landscape, with every shifting requirement and expectation from tax authorities and scrutiny of these transactions ramping up daily, corporations must be prepared to face higher levels of accountability and transparency than ever before.
On one hand, multinational corporations are juggling the pressure of navigating tax and finance teams through a current state of profound change, and on the other hand they have the recent implementation of the OECD’S Base Erosion and Profit Shifting Action Plan, calling now on these same corporations to provide full visibility and control of their transfer pricing data, processes, policies and outcomes, all the while, expecting them to be standing ready to comply with filing and documentation requirements. Let us not leave out the possible penalties imposed for non-compliance in different countries. In Australia, the ATO is imposing penalties of between $105,000 and $525,000 for each late lodgement of reports under BEPS Action 13.
There’s immense pressure on corporations to remain up-to-date and current in this ever-changing legislative landscape, all the while being expected to stay ahead of inquiries from various tax administrations.
It is about this point, where the smart global companies mitigate risk by eliminating manual processes and messy spreadsheets and instead, look to fully automated technologies.
Thomson Reuters ONESOURCE Transfer Pricing software contains four key solutions to help manage your Transfer Pricing obligations:
ONESOURCE BEPS Action Manager – keep track of changing reporting requirements, and streamline the preparation and submission of CbC reports, master files and local files.
ONESOURCE Transfer Pricing Documenter – ensure documentation and benchmarking is consistent and contemporaneous for each country in which you operate.
ONESOURCE Intercompany Agreements – create consistent intercompany contracts and maintain a central repository.
ONESOURCE Operational Transfer Pricing – manage and control your intercompany prices to mitigate risk and increase efficiency.
Let Thomson Reuters ONESOURCE guide you through this new era of transfer pricing and help you ensure minimisation of risk, whilst maintaining your reputation