UK Seeks More Data Under Reform Plan: Transfer Pricing Report

Hello and welcome to this week’s Transfer Pricing Report. The UK on Monday dropped a pair of consultations on proposed reforms to transfer pricing and other cross-border tax laws—with changes that could put a bigger burden on companies.

Tax practitioners told reporter Somesh Jha that UK-based multinationals face more compliance challenges under new transfer pricing data requirements announced by the tax authority.

They must submit more detailed financial data on an annual basis to His Majesty’s Revenue and Customs and potentially face increased scrutiny, they said.

“The UK is seeking much more granular data than other comparable countries. If you ...