Thomson Reuters Releases New Worldwide Private Company Database Designed Specifically for Transfer Pricing
(Thomson Reuters ONE) -
New database addresses growing challenges in global tax compliance for
multinationals
In response to the growing number of transfer pricing rules and reporting
requirements established by tax authorities around the world, Thomson Reuters
announces the new Worldwide Private Company Database from ONESOURCE Transfer
Pricing.
This new database, designed specifically for transfer pricing professionals,
provides the transparent, detailed data global firms need to defend themselves
in today's complex tax environment.
Transfer pricing is one of the most significant issues global organizations and
tax authorities face. Audits are on the rise, and the cost of noncompliance is
both financial and reputational. Add the fact that the average audit takes 540
days, and the magnitude of transfer pricing risks becomes clear.
As tax authorities introduce additional rules and require corporations to
provide detailed documentation to defend their strategies, multinationals must
be certain they meet the requirements of the arm's length standard - and provide
the documentation to prove it. This new product from Thomson Reuters addresses
this challenge.
"Tax authorities are no longer satisfied with weak documentation and comparables
that don't take local trade into account," said Joe Harpaz, managing director of
corporate tax for the Tax & Accounting business of Thomson Reuters. "Governments
are demanding clear documentation with regional comparables to support transfer
pricing methods."
By building relationships with tax authorities, corporations, and service
providers, Thomson Reuters has identified the information transfer pricing
professionals need to reduce risk and comply with global transfer pricing
regulations.
This new tool provides private company information compiled from a global
network of local data providers - and delivers country-specific financial data
and standardized financial line-items for complete transparency on how the data
should be applied. This fills comparables gaps in regions where public data is
limited and allows users to drill into the original data source for clarity and
transparency. This kind of data is a key component of reducing risk and avoiding
an extended audit.
"Using public local data is challenging in these markets, as there are only a
limited number of public records available," said Brian Tully, vice president
and head of transfer pricing for ONESOURCE at Thomson Reuters. Finding a good
comparables set is critical to achieving the highest level of practical
comparability."
For more information on ONESOURCE Transfer Pricing,
visit tax.thomsonreuters.com/transfer-pricing.
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial and risk, legal, tax and accounting, intellectual property and science
and media markets, powered by the world's most trusted news organization. With
headquarters in New York and major operations in London and Eagan, Minnesota,
Thomson Reuters employs approximately 60,000 people and operates in over 100
countries. For more information, go to www.thomsonreuters.com.
CONTACT
Lisa Travnik
Public Relations
212-404-8689
lisa.travnik(at)thomsonreuters.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
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