Legal and Finance: Transfer Pricing Is Everybody's Problem
The Inland Revenue could be set on a transfer pricing crackdown, accountants Grant Thornton have warned.
The rules, which took effect on company accounts from July 1, 1999, affect how related companies set prices for goods, services, finance and intangible assets between each other. But some firms do not believe they are affected by the rules.
John Hodgson, tax partner at Grant Thornton in Birmingham, said: 'We often hear phrases such as 'we are too small to be affected' or 'transfer pricing is not our problem', but our experience of increased Inland Revenue transfer pricing vigilance directed towards smaller firms and the inclusion of standard transfer pricing …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Legal and Finance: Transfer Pricing Is Everybody's Problem. Contributors: Not available. Newspaper title: The Birmingham Post (England). Publication date: March 22, 2002. Page number: 27. © 2009 Birmingham Post & Mail Ltd. COPYRIGHT 2002 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.