ONESOURCE solution to help global companies comply with tightening transfer pricing regulations
Thomson Reuters today announced the latest version of ONESOURCE Transfer Pricing, the first comprehensive software and content suite to address the entire transfer pricing workflow within a corporation.
ONESOURCE Transfer Pricing helps global organizations automate and control data collection, policy creation and documentation, and ongoing financial monitoring to ensure compliance. This is particularly important in light of recent moves by governments globally to tighten transfer pricing regulations and strengthen enforcement to generate billions of dollars in incremental revenues each year.
New and updated components that are instrumental to this end-to-end solution are:
- Transfer Pricing Analyzer (TPA) that provides users with a single, up-to-date view of transfer pricing obligations across key jurisdictions around the world, and the ability to apply such rules in the context of a single company resident in one of the jurisdictions covered.
- Updated data collection features in the Documenter and Benchmark web-based solutions that enable corporations to analyze the arm’s-length nature of tangible, intangible, and service transactions.
“While companies may have sound transfer pricing documentation in place, research shows that few have all the necessary components to ensure compliance with confidence,” said Joe Harpaz, managing director of the corporate division within the Tax & Accounting business of Thomson Reuters. “And with global enforcement on the rise, there is a critical need for an end-to-end transfer pricing solution. We are excited to provide a solution consisting of both software and content that can help multi-national companies achieve compliance with confidence from start to finish.”
In recent Thomson Reuters’ polls of 70 tax executives and controllers, nearly half do not have a standard process in place for transfer pricing planning, pricing and documentation. The ONESOURCE Transfer Pricing solution helps global companies:
- Identify and collect transfer pricing information and data by:
- Automating the process for collecting financial data from various global systems and other sources.
- Creating custom information requests to gather necessary company specific and functional information.
- Compiling global transaction information and relevant supporting files in a centralized location.
- Design and implement inter-company procedures and policy by:
- Documenting and managing transfer pricing policies.
- Capturing policies for global affiliates.
- Monitor, analyze and fine-tune inter-company policies and pricing by:
- Reducing or eliminating out-of-period adjustments.
- Reviewing inter-company policy compliance with ease.
- Making timely adjustments to ensure appropriate pricing throughout the year.
- Prepare required documentation by:
- Accessing guidance and information regarding local regulations and a step-by-step process to complete configurable transfer pricing documentation.
- Leveraging prior year work that can easily be updated for future years.
- Searching and analyzing the more than 1.2 million private and public company records worldwide, as well as intangible agreements, with sophisticated filtering and reviewing functionality to efficiently identify comparables for use in transfer pricing analyses.