TaxAdministrationHMRC unveils ‘radical’ transfer pricing drive

HMRC unveils 'radical' transfer pricing drive

The taxman is launching a radical approach to the way it will deal with transfer pricing issues

HM Revenue &
Customs
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.

Further reading:

More cuts needed for corporation tax

E&Y warns transfer pricing costs are
soaring

Read
the story in Tax-News.com

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

2d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

3w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter