The Finnish government was forced to clarify figures released by the Parliament's Audit Committee which stated that the Finnish exchequer lost up to $2 billion annually because of transfer mispricing.
HM Revenue & Customs 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.
The Canadian Ministry of Finance has proposed a number of changes to its tax regime, including transfer pricing amendments, of particular note is the plan to treat investments in foreign affiliates by foreign-controlled Canadian corporations as deemed dividends.
India’s taxpayers have received welcome news from the Income Tax Department that the tolerance band for transfer pricing adjustments will remain at 5% for financial year 2011 to 2012.
