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About this product
- DescriptionNational tax authorities individually determine multinational ?rms' country-speci?c tax liabilities by applying one or more sanctioned transfer pricing methodologies. These methodologies are founded on basic assumptions about market structure and ?rm behavior that are rarely empirically valid. Moreover, for the most part, the transfer pricing methodologies w in vogue were developed before the Internet became a dominant factor in the world ecomy, and hedge and private equity funds transformed ?nancial and commodities markets. For these reasons, multinational ?rms are unable to accurately anticipate their tax liabilities in individual countries, and remain at risk of double taxation. Uncertainties in corporate tax liability are extremely costly, both for individual corporations and from an ecomy-wide perspective. Firms pay exorbitant fees to have tax attorneys, accountants and ecomists prepare the documentation required by tax authorities to substantiate their intercompany pricing practices and defend their tax positions on audit. Corporate tax liabilities are also potentially much higher than they would be under a more transparent and predictable transfer pricing regime (due to the potential for double taxation and penalties), and investors' returns are reduced accordingly. The FASB's Interpretation No. 48, Accounting for Uncertainty in Income Taxes (released on July 13, 2006), has motivated multinational ?rms to increase their reserves substantially (in many cases at the insistence of their au- tors), reducing the total funds available for productive investment. 1 The current transfer pricing regimes are embodied in the OECD Guidelines, individual OECD member countries' interpretations thereof, the U. S.
- Author(s)Elizabeth King
- PublisherSpringer-Verlag New York Inc.
- Date of Publication12/02/2010
- SubjectFinance & Accounting
- Place of PublicationNew York, NY
- Country of PublicationUnited States
- ImprintSpringer-Verlag New York Inc.
- Content Note1 black & white tables, biography
- Weight326 g
- Width156 mm
- Height234 mm
- Spine11 mm
- Format DetailsTrade paperback (US)
- Edition Statement1st ed. Softcover of orig. ed. 2009
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