Transfer Pricing made easy.
Controlling transfer pricing within the dynamic transfer pricing environment is challenging. However, we at Coperitas believe Transfer Pricing can be made easy.
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Tax risk management: how to manage eff ectively?
In recent years, tax authorities have increased their attention for cross- border transactions that occur within multinational groups. Also, the compliance burden has increased for multinational groups. Non-compliance can result in severe penalties.
As a result of the increased attention of tax authorities and the higher compliance burden, the risk of a penalty increased as well. In addition, the risk of damage to a company’s reputation has risen. So, how can the group’s management manage these risks? According to Richard Slimmen and Stefan Ubachs of Quantera Global the Coperitas software solution can help companies monitor risks to stay in control.
Software as a Solution
To eff ectively manage a company’s reputation, the board must satisfy all the obligations that have arisen. This requires the availability of accurate data that provides verifi ed facts. Such data allows the board to anticipate, to make well-informed decisions and to take risks consciously. Access to data is therefore key to make considered choices.
The Coperitas software solution can help tax directors and the management board to monitor relevant data required to get insight in potential tax and transfer pricing consequences. Also, eff ective software can provide for a dashboard that zooms in on the key exposures of a company (e.g. whether the actual outcome of the various intercompany transactions is in line with the group’s transfer pricing policy) which can facilitate timely and eff ective actions to mitigate risk exposures.
Management of increased compliance burden
Tax departments are also facing an increasing compliance burden, as many countries have introduced transfer pricing compliance requirements in recent years. As local transfer pricing documentation requirements and fi ling deadlines diff er from country to country, the tax director must manage a patchwork of compliance requirements. Non- compliance with transfer pricing documentation deadlines can result in signifi cant penalties. A fl exible software solution can also assist to manage the group’s compliance workfl ow effi ciently and thus save time and money. A good software solution is therefore indispensable for tax directors and CFOs who wish to stay in control.
SCHEDULE A FREE-OF-CHARGE DEMO
Schedule a FREE-OF-CHARGE demo to discover the possibilities with Coperitas. Please book your demo through our website:
www.coperitas.com
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