U.S. Official: Transfer Pricing Enforcement Should Precede New Rules
First and full article published in WSJ CFO Journal
Governments should focus on enforcing laws already the books that govern the way large multinational companies move profits between high and low tax countries before writing new legislation, a U.S. Treasury tax official said Thursday.
But while legislators in many countries, including the U.S., are interested in changing the rules to keep more profits at home, any effort to do that should start with better enforcement, Robert Stack, Deputy Assistant Secretary for International Tax Affairs in the Office of Tax Policy at the U.S. Department of the Treasury, said at a global tax conference organized by advisory firm Taxand in New York on Thursday.
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"To mitigate this, companies should establish protocols for responding to requests and as well as ensuring all tax planning is fully substantive. Specific response mechanisms for each jurisdiction will ensure consistent information is provided to all authorities involved."