This year’s IBC International Transfer Pricing Summit (TP Minds) in London continued to highlight the debate that is currently raging across the tax profession: “Base Erosion and Profit Shifting.” BEPS is the current focus of the OECD which has produced a series of reports that could have a major impact on the taxation of multinational companies. The Summit, held in London’s Millennium Gloucester Hotel on the 11th and 12th of March 2014, brought together representatives from industry (including Barclays, AIG, Siemens, Heineken and Caterpillar), the tax profession, tax authorities from around the world, the OECD as well as Thomson Reuters, one of the event’s gold partners.
One of the notable presentations was from the UK’s HM Revenue and Customs (HMRC) who have increased their resources focused on transfer pricing by 20%. They also indicated that their three focus areas for 2014-2015 are compliance, dispute resolution, and policy setting in the new environment.
Thomson Reuters had a number of attendees at the event and Brian Tully, VP & Head, ONESOURCE Transfer Pricing, made a presentation to the main plenary entitled “Technology Trends Transforming Transfer Pricing.” The key points that delegates took away was that this will continue to be an evolving area as the OECD and local tax authorities look to implement recommendations such as country by country reporting. The consensus was that companies are best advised to start preparing for this potentially costly new requirement by planning their data collection strategy as soon as possible. A number of the key note presentations at the conference were from some of the world’s biggest corporations describing the projects they currently have underway in this area.
What companies can do
As country by country reporting becomes a reality for the tax profession, having visibility over its tax data is of increasing importance for multinational companies. In order to help our clients achieve this, Thomson Reuters has a suite of data management tools that are designed to simplify and bring efficiencies in capturing key information.
ONESOURCE Workflow Manager is a workflow and document management tool with a number of functional areas that addresses the needs of a company for tracking documentation with required tax disclosures, data requests and up to date information from across the organisation. Thomson Reuters is actively working with its clients to implement this market leading solution so that companies can be confident that they can rise to the challenges of the outcome of the current debates, whatever they may be.
Thomson Reuters also has a suite of tools designed to meet the needs of the transfer pricing life cycle: planning, implementing & monitoring, documenting and managing controversy. For more information, click here.