Irish Revenue boosting its transfer pricing tool kit
The Irish Revenue Commissioners are in the market for more corporate databases through which they can evaluate companies’ transfer pricing more effectively.
The revenue service is also looking to hire more transfer pricing professionals to boost its skills level in the field.
The advertisements for staff and for database companies to pitch to the service come in the wake of the US Senate Permanent Subcommittee on Investigations hearing on offshore profit shifting last week, which focused heavily on the tax affairs of Apple and Google.
The sudden call for capacity building could be because Ireland has relatively new transfer pricing laws (implemented in 2010), which mean the Revenue’s workload in this area is increasing as audits are initiated and documentation is filed.
But there are also claims, from the US Senate Committee, that Ireland is effectively a tax haven used by multinationals such as Google and Apple to shift their profits out of the US. The Revenue Commissioners will want to refute these claims and ensure their coffers are filled at the same time.
Companies submitting bids to supply the data will need to have a track record in providing information services of this sort to revenue authorities.