Transfer pricing resources are not being spent efficiently, said a panellist at International Tax Review’s Global Transfer Pricing Forum today. Tax disputes are increasing in number and compliance requirements are more convoluted, rather than being made simpler.
HM Revenue & Customs (HMRC) has collected more than £1 billion ($1.6 billion) in transfer pricing yield between March 2011 and 2012. Tax practitioners hope the high figure means more resources for the authority's advance pricing agreements (APA) programme. Statistics also show that, since March 2010, the age of open enquiries has reduced, as has the age of settled enquiries.
The need to realign international tax and transfer pricing policy, to better integrate developing countries, has never been more apparent at the International Tax Review Global Transfer Pricing Forum.
