Transfer Pricing Tops the List of TEI Panel's International Tax Issues for 2008
20 February 2008 - 2:00AM
PR Newswire (US)
NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- What are the most
challenging international tax issues for corporate tax departments?
The consensus was that transfer pricing (both U.S. and non-U.S.)
topped the list when a group of Tax Executives Institute (TEI)
members joined Thomson Tax & Accounting, a segment of The
Thomson Corporation (NYSE: TOC; TSX: TOC), to discuss international
tax issues on which corporate tax departments were spending the
most time. "Transfer pricing takes a significant amount of time and
training in many of the multi-national enterprises in our
membership. According to TEI's most recent Corporate Tax Department
Survey, TEI's members have substantial tax planning responsibility,
and in more than 80% of the cases, our members have significant
responsibility for planning with respect to transfer pricing.
Moreover, as several TEI panelists confirmed, the panelists do
expect transfer pricing to get more scrutiny in countries around
the world," says Timothy McCormally, Executive Director, TEI. Linda
Scheffel, Thomson Tax & Accounting Vice President, said: "The
U.S. transfer pricing regulations have always been a challenge,
even for experts like TEI's members. Add to those issues non-U.S.
regimes with practices such as non-public comparables as well as
complex new accounting rules (e.g., FIN 48), and transfer pricing
can eat up the time and overwhelm the resources of corporate tax
departments. Checkpoint's(R) robust content (including IBFD's
worldwide tax treaties and TTA's non-U.S. statute translations),
functionality, and integration are perfect for meeting this
transfer pricing challenge." Thomson Tax & Accounting is a
preeminent source of information and up-to-the-minute guidance on
international tax issues including transfer pricing. It offers a
wide range of resources on Checkpoint(R), the industry-leading
online research platform. An in-depth article covering this TEI
panel discussion of international issues will appear in the March
2008 issue of Journal of International Taxation. According to
Scheffel, "TEI panel participants indicated that the following
transfer pricing issues were among their most time consuming: (1)
Non-U.S. transfer pricing issues; (2) U.S. transfer pricing issues;
(3) Secret comparables; (4) Maintaining the documentation levels
necessary for multiple regimes; and (5) Coordination of internal
and external resources working on transfer pricing. Subscribers to
Checkpoint are able to research these issues on Thomson Tax &
Accounting's Checkpoint, the industry-leading international tax
research product, which enables professionals to save time on their
research by providing them access to so much expertise through
WG&L's Journal of International Taxation, WG&L's
International Taxes Weekly, WG&L and RIA research, WG&L
workpapers, U.S. treaties and treaty explanations, non U.S.
treaties translated by IBFD (TM), non-U.S. statutory translations
for over 100 countries, Create-A-Chart, and CompareIt. Both unique
and impressive is the integration between the Checkpoint
International content and the SEC and accounting-related (e.g.,
IFRS) analysis, and the way that Checkpoint creates a
fully-integrated and complete research system." Bijal Sheth, Vice
President, Strategic Marketing, Research & Guidance at Thomson
Tax & Accounting says, "By using Thomson Tax & Accounting's
Checkpoint, corporations can research time-consuming issues like
transfer pricing, take advantage of the experience of WG&L's
library written by transfer pricing experts, use WG&L transfer
pricing workpapers, collaborate on planning, accelerate and enhance
decision making, and share knowledge quickly to minimize risks and
focus on additional strategic efforts. In addition, Thomson Tax
& Accounting provides the worldwide industry standard in
transfer pricing compliance software -- CrossBorder Solutions." TEI
is the preeminent association of business tax executives in North
America with 7,000 members representing 3,200 of the leading
corporations in the United States, Canada, Europe, and Asia. TEI
represents a cross-section of the business community, and is
dedicated to developing and effectively implementing sound tax
policy, promoting the uniform and equitable enforcement of the tax
laws, and reducing the cost and burden of administration and
compliance to the benefit of taxpayers and government alike. As a
professional association, TEI is firmly committed to maintaining a
tax system that works -- one that is administrable and with which
taxpayers can comply in a cost-efficient manner. Members of TEI are
responsible for managing the tax affairs of their companies and
must contend daily with the provisions of the tax law relating to
the operation of business enterprises. The diversity and
professional training of TEI's members enable it to bring a
balanced and practical perspective to the business tax and
tax-related financial reporting issues. The Thomson Corporation The
Thomson Corporation (http://www.thomson.com/) is a global leader in
providing essential electronic workflow solutions to business and
professional customers. With operational headquarters in Stamford,
Conn., Thomson provides value-added information, software tools and
applications to professionals in the fields of law, tax,
accounting, financial services, scientific research and healthcare.
The Corporation's common shares are listed on the New York and
Toronto stock exchanges (NYSE: TOC; TSX: TOC). Thomson Tax &
Accounting is a segment of Thomson and a leading provider of
technology and integrated information solutions to accounting, tax
and corporate finance professionals in accounting firms,
corporations, law firms and government. Thomson Tax &
Accounting includes the Professional Software & Services,
Corporate Software & Services, and Research & Guidance
business groups. RIA (http://ria.thomson.com/) and PPC
(http://ppc.thomson.com/) are both brands within the Research &
Guidance business. InSource http://www.insource.thomson.com/ and
CrossBorder Solutions http://www.crossbordersolutions.com/ are
brands within the Corporate Software & Services business.
DATASOURCE: Thomson Tax & Accounting CONTACT: Melissa Lande,
1-800-993-7600, 1#, , or Pam Bruno, +1-203-461-9409, , both of
Lande Communications, for Thomson Tax & Accounting Web site:
http://www.thomson.com/
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