The Intellectual Property and Science division of Thomson Reuters, US, has announced the launch of the latest version of its end-to-end transfer pricing solution, Onesource Transfer Pricing. The tool is projected as the first comprehensive software and content suite to address the entire transfer pricing workflow within a corporation.
Onesource Transfer Pricing is expected to help organisations automate and control data collection, policy creation and documentation, and ongoing financial monitoring to ensure compliance. This is said to be 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 in the solution include a Transfer Pricing Analyzer (TPA) that provides users with a single, up-to-date view of transfer pricing obligations across key jurisdictions around the world. Updated data collection features in the Documenter and Benchmark web-based solutions that enable corporations to analyse the arm’s-length nature of tangible, intangible and service transactions.
In a recent Thomson Reuters poll of 70 tax executives and controllers, nearly half did not have a standard process in place for transfer pricing planning, pricing and documentation. The Onesource Transfer Pricing solution is said to help global companies to identify and collect transfer pricing information and data; design and implement inter-company procedures and policy, monitor analyze and fine-tune inter-company policies and pricing; and prepare the required documentation.
Additional information can be obtained by visiting http://onesource.thomsonreuters.com/solutions/transfer-pricing/transfer-pricing
