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| Report offers guidance to companies on achieving compliance as government tightens transfer pricing enforcement |
NEW YORK, Oct 26, 2011 - (ACN Newswire) - Thomson Reuters, the world's leading provider of intelligent information for businesses and professionals today announced it will help multinational companies comply with impending transfer pricing audits recently revealed by Australian Taxation Office (ATO) second commissioner Bruce Quigley. In addition, the company released a new report outlining best practices for determining transfer pricing in light of the dynamic market.
With current global economic uncertainties, Thomson Reuters has identified that tax authorities worldwide are becoming more aggressive and stepping up their transfer pricing enforcement and document audit regimes to reduce revenue leakage through off shore dealing, with Australia as one of the many countries expected to formally announce strict enforcement of transfer pricing laws. Reacting to recent news that Australian tax authorities aim to raise $210 million from cross border dealings, Australian multinational companies are scrambling to ensure their documentation is beyond critical examination, as government looks to tighten transfer pricing enforcement efforts to generate additional revenues.
"ONESOURCE Transfer Pricing combines global tax and financial expertise with innovative software able to quickly provide the type of granularity and document management required by even the most stringent taxing authority," said Joe Harpaz, senior vice president and general manager, corporate for Tax & Accounting Business of Thomson Reuters. "As the government continues to target transfer pricing to raise revenue, streamlining this traditionally overlooked process could not only save companies thousands of dollars in information collation and documentation, but also mitigate the risks associated with being unprepared for a transfer pricing audit."
In addition to helping companies with their audits, Thomson Reuters announced availability of a free report created to help companies through the complexity and confusion over transfer pricing policy. Written by Dr. J. Harold McClure, Transfer Pricing manager for the Tax & Accounting business of Thomson Reuters, the free report entitled, "The SNF Australia Decision and the Modified Resale Price Method," can be downloaded at: http://onesource.thomsonreuters.com/solutions/transfer-pricing/transfer-pricing/whitepaper/ .
Transfer pricing audits can extend over many months and result in volumes of documentation and additional accounting costs. Transfer pricing cases can also allow retroactive income adjustments for up to six years and result in enormous bills. The Thomson Reuters ONESOURCE Transfer Pricing solution, now available in Australia and New Zealand, allows multinational companies to drill into and examine a wealth of cross-company financial information to create custom studies, while examining the arm's-length nature and implications of intercompany transactions. With customers in 80 countries, ONESOURCE is quickly becoming the platform of choice for those in need of a global tax solution.
More information about Thomson Reuters ONESOURCE Transfer Pricing can be found at: http://onesource.thomsonreuters.com/solutions/transfer-pricing/transfer-pricing/ .
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com .
Contacts
Aimee Quemuel
+1(415) 753-9005
aimee@codeycommunications.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2011. All rights reserved.
Topic: Press release summary
Source: Thomson Reuters
https://www.acnnewswire.com
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