Technology and Transfer Pricing: A New Essential
The post-BEPS environment has increased the demands on transfer pricing managers. Technology is now essential. Several layers of documentation must now be prepared, including CbCR notifications, CbCR filings, Master Files, and Local Files. Unlike in the past, more documentation must be directly filed to the tax authority, through XML schemas and/or direct transmission that requires technology solutions.
The sheer volume of requirements demands a collaborative, multi-user approach to documentation. Technology is necessary to maintain control centrally, organize, and delegate work to local controllers and services firms with confidence.