What is it all about?
Transfer pricing documentation
Digitalize your transfer pricing documentation
What is it all about
With a large number of entities in many countries it is difficult to have an efficient process for the preparation of the transfer pricing documentation and control of whether the local entities in the company group have fulfilled their local documentation requirements. Information is found in many different places which makes it important to set up clear roles and responsibilities for the preparation process. There are also different requirements in different jurisdictions which implies that you must ensure that the documentation meets local requirements. Furthermore, the complexity and process for preparation differs a lot depending on the significance of the business activity/transactions performed in an entity.
Coordination is not only necessary for in-house preparation since transfer pricing documentation is often prepared by external advisors. Thus, the in-house tax department should be able to coordinate work performed by an external party.
How do you do it
We support you in finding a process for identifying where your information concerning intra-group transactions can be found. Thereafter, we put in place a process to collect this in the most efficient way which enables you to get control of your transactions. This could be done via import of transactions into our Transaction identifier module by manual or automatic import, Excel upload or a combination. When you have identified and collected your transactions, you can specify the transactions with the necessary data, such as the type of transaction, pricing method (functional analysis, decide transfer pricing method and margin) and underlying agreement.
Transfer pricing documentation
Manage your transfer pricing documentation in different ways.
- Have a process for collecting completed documentation with supporting documents to ensure that an entity has prepared a full set of documentation.
- Have a process for managing templates where you can make templates available for local people to download, complete and upload to the group.
- Have a process where you can assign preparation of different sections in the documentation to the relevant people in accordance with your tax policy and transfer pricing function. By doing this you have created a flexible and digitalized library for the compilation of transfer pricing documentation for jurisdictions/entities/transactions.
Filing tracker – for different departments
There are a number of filing deadlines to keep track of for different departments. In the filing tracker module you can set up and follow deadlines for any process. For example:
- Annual reports.
- Country by country notifications.
- Corporate income tax returns.
Quality
Quality of data is of great importance. Our solution has many in-built functions to increase quality and ensure that you are in control of the entire process. Furthermore, data can be collected at the source which secures the accuracy of the input.
Flexibility
Our solution is for everyone! With a flexible solution you can adapt to the needs of different organizations. The modular approach together with configuration and customization possibilities allows you to get a solution that is relevant for you.
User friendly
A good user experience is key in our solution. We help both editors and process owners by providing simple and clear processes and functions to minimize administration. Our interface is simple to use and the same structure is recurring throughout all modules.
Cost efficient
As everyone has been assigned with roles and responsibilities with tasks to perform, your organization will save a lot of time by automating the data collection process. The collected data is always up to date which avoids work being done twice.
Legal entity management
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What kind of head office data do you need – and how do you collect it in an efficient way? Together we will dive into your data to see how it can be structured in new ways.