Tax & Accounting Blog

Minimizing Transfer Pricing Risks with technology as APAC TP scrutiny increases

Blog, Global Tax Compliance, ONESOURCE, ONESOURCE Transfer Pricing, Transfer Pricing April 10, 2014

Presenting the benefits of using technology to manage TP operations at the GTS Transfer Pricing Summit

Presenting the benefits of using technology to manage TP operations at the GTS Transfer Pricing Summit

The 2014 Golden Tax Summit Transfer Pricing Conference, held in Hong Kong, had a large presence of multinational corporations across the Taiwan, Hong Kong, and the Greater China areas.  During the conference, Thomson Reuters ONESOURCE held a workshop on how these organizations can improve their financial performance and optimize their transfer pricing compliance with local tax authorities by leveraging ONESOURCE Transfer Pricing technologies.

Thomson Reuters ONESOURCE team members at the GTS Tax Summit in Hong Kong.

Thomson Reuters ONESOURCE team members at the GTS Tax Summit in Hong Kong.

The workshop, titled “Ensuring Compliance and Minimizing Risks with ONESOURCE Transfer Pricing Solutions” was one of the highlights of the conference and was held in conjunction with PwC and EY. PwC highlighted the current landscape of the ever-changing transfer pricing environment and EY discussed the need for companies to respond to these changes with technology.  The workshop ended with a presentation of ONESOURCE end-to-end transfer pricing solutions and a software demonstration of the ONESOURCE Operational Transfer Pricing technology.

In addition, keynote speakers from The Institute for Tax Scientific Research, The International Association of Tax Judges, The Indian Income Tax Appellate Tribunal, the International Bureau of Fiscal Documentation, Siemens, DBS Bank, UPS, and Dell Global provided insight into the current transfer pricing landscape abroad.  A few noteworthy topics discussed during the conference included: latest transfer pricing trends in China, the application of the United Nation’s Practical Manual on Transfer Pricing for developing countries, and how APAC multi-national corporations should manage risks associated with tax havens.  David Jan, ONESOURCE Transfer Pricing Lead of the APAC region, sat on a panel discussion with Goldman Sachs, Grant Thornton, and the Hong Kong Institute of CPAs on how transfer pricing affects a company’s full tax landscape.  David highlighted how transfer pricing technology can assist companies with managing and automating not only transfer pricing but also customs, indirect tax, and other issues.

How can ONESOURCE help?

Transfer pricing is continually being examined under a microscope on a global basis.  As local tax authorities continue to alter the standard of what is acceptable for companies to ensure compliance. Thomson Reuters has a suite of solutions designed to assist companies in minimizing these risks.

The ONESOURCE Operational Transfer Pricing solution gives MNC’s the ability to monitor their transfer pricing results on a proactive basis. It also assists companies with data management and transfer pricing policy implementation issues by enabling companies to centralize all of their transfer pricing financial data and correlating it with their policies they have set. This allows companies to ensure their compliance with audit-proof reporting and also improve their financial results.