HMRC unveils ‘radical’ transfer pricing drive

HM Revenue &
says it is launching a ‘radical’ new approach to the way it deals
with transfer pricing and is now appointing transfer pricing specialists and
making arrangements to provide additional training to strengthen their
specialist skills.

‘We are now launching a radical new technical specialism, that reaches across
our operational, economic analysis and policy units, to deliver the approach,’
the department said.

HMRC said plans for resolving transfer pricing enquiries within 18 or 36
months were largely in place, while a new internal governance process would
start to operate from January. This process aimed to tackle issues around
consistency of approach, allocation of resource to risk and wider departmental
strategic objectives.

Next April HMRC is also planning to publish statistics regarding the average
time taken to resolve the transfer pricing enquiries which were settled in the
three months ending March and the average age of open enquiries at the end of
that quarter.

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