“Transfer pricing is gaining ground each day. In the years to come, it is going to become far more important. The small and medium practitioners’ committee that we have set up will have to do a lot of work in this direction to see how we can empower small practitioners,” the Business Standard newspaper reported ICAI president Amarjit Chopra as saying.
The institute will assist small and medium practitioners with capacity building, as they often find that they cannot justify the expense of obtaining technical information.
Fully understanding transfer pricing audits involves knowing the pricing systems of foreign markets, the kind of methods used there and how they are applied. But this information is not freely available, meaning many practitioners are not keeping up to date.
Chopra said ICAI would arrange partnerships with the appropriate vendors and procure transfer pricing software for the members.
