Thompson Reuters the information company and British translation specialist
RWS Group have joined forces to launch a tax documents translation service,
designed to help companies avoid hefty fines from misunderstandings.
It has been designed to help multinational companies avoid incorrect tax
payments to goods sold between two legal jurisdictions, known as transfer
pricing the Daily Telegraph reported.
Companies that use the new service will be able to translate tax documents
into local languages when needed to ensure transfer pricing errors do not creep
into the paperwork.
DSG, the parent company of PC World, was earlier this year fined £52.7m by
HM Revenue & Customs over transfer pricing discrepancies.
Research also finds that 84% of businesses believe that the government has not provided enough information about digital tax plans
A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons
Additional tax a result of compliance investigations by HMRC, but overall revenue falls
Firm expands East Anglian team with appointments to the audit practice and private client tax team