This is for you if, like me, you hate the phrase ‘best practice’. It always seems to smack of other-worldly self-righteousness.
Back in 2015, we co-hosted a private discussion group on the transfer pricing aspects of intangibles, for in-house tax and transfer pricing professionals. Everyone agreed that it was ‘best practice’ for a multinational group to document their intercompany supplies with intercompany agreements. But most of the participants seemed to be waiting for a ‘mini disaster’ in their transfer pricing compliance (in other words, an adverse tax assessment and penalties), so that they could get the resource they needed to put intercompany agreements in place.
Three years on, we co-hosted a similar group a few weeks ago, together with the London TP team at BDO. The sentiment amongst delegates this time was very different – the question was not whether to implement appropriate intercompany agreements, but how. The days when intercompany agreements were considered ‘nice to have’ are long gone.
I’m very excited and honoured to be the guest speaker at a Thomson Reuters webinar on intercompany agreements, which will be on 19th June. The title of the webinar is ‘The Essentials of Transfer Pricing compliance: How to Manage your Intercompany Agreements’. We will cover, amongst other things, practical dos and don’ts for multinational groups and how ONESOURCE technology can streamline compliance.
If you would like to register for the webinar, click here. I promise not to use the words ‘best practice’.
N.B. In case you’re wondering, the picture above is of a development in Xinzheng, Henan province, China, in 2015. I think the birds are sand martins, but I’m no ornithologist.