All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

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.

more across site & bottom lb ros

More from across our site

The Italian government published plans to levy capital gains tax on cryptocurrency transactions, while Brazil and the UK signed a new tax treaty.
Multinational companies fear the scrutiny of aggressive tax audits may be overstepping the mark on transfer pricing methodology.
Standardisation and outsourcing are two possible solutions amid increasing regulations and scrutiny on transfer pricing, say sources.
Inaugural awards announces winners
The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.
Companies including Valentino and EveryMatrix say the early adoption of EU public CbCR rules could boost transparency of local and foreign MNEs, despite the short notice.
ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.
Tax authorities and customs are failing multinationals by creating uncertainty with contradictory assessment and guidance, say in-house tax directors.
The CJEU said the General Court erred in law when it ruled that both companies benefitted from Italian state aid.