The UK tax authority’s proposed transfer pricing documentation requirements would significantly increase burden on multinational companies, a UK accountancy group said.
His Majesty’s Revenue and Customs shouldn’t rush the proposed changes and should give businesses, especially smaller ones, adequate time to prepare, the Institute of Chartered Accountants in England and Wales said in a July 4 submission, made public Tuesday.
Multinational firms would be required to report information on cross-border, related-party transactions to HMRC through a new system, known as the International Controlled Transactions Schedule (ICTS), according to a proposal, which was open for consultation until Monday.
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