International Tax Review is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Transfer pricing is single key tax issue for banks and industry

asurv.jpg

Two TP Week surveys reveal critical importance of transfer pricing to tax directors in major industrial sectors

Initial findings of two transfer pricing surveys by TP Week show transfer pricing as the key tax issue for tax directors across industry worldwide. They will be the forerunners of a series of market surveys which we intend to conduct over the next few months.

In the first we have contacted tax directors and transfer pricing directors in 100 major financial institutions in all major markets. We have asked them to identify the key issues for transfer pricing specialists in the banking and financial services sectors. We are seeking to identify the major transfer pricing issues for transfer pricing and tax leaders

Our initial findings point to transfer pricing emerging as the single most critical tax for international banks. Bankers told TP Week that it is progressively assuming greater importance.

All of our respondents so far have point to the attitude of revenue authorities being increasingly combative. All respondents are guaranteed anonymity but one bank – a household name across the world – said: The tax authorities in Asia becoming ruder and more aggressive. We find the ones in Japan and Korea to be the worst.”

Our second and larger survey is conducted among 500 tax and transfer pricing directors in a mix of industry sectors exclusive of financial services but drawn from many jurisdictions around the world.

This again pointed to transfer pricing achieving greater impact on their workloads. Many talked about the pressures of contemporaneous documentation regulation, transfer pricing audits, unsympathetic revenue authorities and cost sharing approaches.

Both surveys are still running – until the end of February. If you are included in the sample groups for either survey please email to tpweek@euromoneyplc.com



more across site & bottom lb ros

More from across our site

The BEPS Monitoring Group has found a rare point of agreement with business bodies advocating an EU-wide one-stop-shop for compliance under BEFIT.
Former PwC partner Peter-John Collins has been banned from serving as a tax agent in Australia, while Brazil reports its best-ever year of tax collection on record.
Industry groups are concerned about the shift away from the ALP towards formulary apportionment as part of a common consolidated corporate tax base across the EU.
The former tax official in Italy will take up her post in April.
With marked economic disruption matched by a frenetic rate of regulatory upheaval, ITR partnered with Asia’s leading legal minds to navigate the continent’s growing complexity.
Lawmakers seem more reticent than ever to make ambitious tax proposals since the disastrous ‘mini-budget’ last September, but the country needs serious change.
The panel, the only one dedicated to tax at the World Economic Forum, comprised government ministers and other officials.
Colombian Finance Minister José Antonio Ocampo announced preparations for a Latin American tax summit, while the potentially ‘dangerous’ Inflation Reduction Act has come under fire.
The OECD’s two-pillar solution may increase global tax revenue gains by more than $200 billion a year, but pillar one is the key to such gains due to its fundamental changes to taxing rights.
The solution to address the tax challenges arising from digitalisation and globalisation will generate more revenue than previously estimated.