Source: Taxation In Australia Journal Article
Published Date: 1 Aug 2014
In June 2014, a report by the Inspector-General of Taxation (IGT) on the Australian Taxation Office’s (ATO’s) management of transfer pricing matters was released. The report made 18 recommendations. The ATO “agreed” with 17 in whole or in part or in principle. This article examines the IGT report and the ATO’s response to it, and finds that that response is unfortunate in some respects, in that six of the IGT recommendations have been agreed to only in part and there are no agreed timelines to address others. There is concern at the failure of the ATO on a number of fronts, including its failure to agree to allocate decision-making power on all transfer pricing compliance activities to transfer pricing specialists, and its failure to commit to a timetable within which it will evidence a “sense of proportion” to transfer pricing matters in the case of smaller and low-risk taxpayers.
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