The Inspector-General of Taxation (IGT) on Thur 25.10.2012, announced terms of reference and submission guidelines for his review into the ATO’s management of transfer pricing matters.
“Stakeholder concerns about ATO transfer pricing management are not new. During consultation on my new work program it has emerged that a broader range of taxpayers may be caught in the net,” Mr Noroozi said.
Mr Noroozi noted SMEs are increasingly confronted with transfer pricing issues just like large businesses. “International business dealings are complex and also give rise to significant competitiveness issues. It is an area that is fraught with difficulty for both the taxpayer and administrator.
The ATO has significant administrative powers in this area and it is important to review their use,” Mr Noroozi said. Key concerns of stakeholders include the ATO’s advice and guidance, its compliance approach and processes, and varied levels of capabilities of ATO officers.
COMMENTS are due by 23 November 2012.
Source: IGT media release, 25 October 2012
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