ICC recently issued a policy statement on “Transfer Pricing and Customs Valuation” aimed at supporting companies that face the challenge of determining the appropriate related party valuation of goods.
These parties are subject to customs and fiscal examinations and thus are bound by differing laws, rules and contradictory interests. ICC believes that these examinations should yield the same value, and that a resolution to the problem is in the interests of all concerned.
The ICC Commission on Taxation has produced many proposals aiming to secure harmonized tax and customs valuation of transactions between related parties in an international context.
These proposals are designed to help simplify regulations for companies and administrations and also to clarify rules for both parties so as to reduce financial impact linked to divergent valuation.
Compliance costs to companies would be reduced if tax and customs administrations were to accept and implement these proposals. The policies could also minimize the risk of penalties resulting from opposing views between customs and tax authorities.
The statement is set to be presented to governments and relevant international organizations shortly.
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