Thomson Reuters announced today the release of its newest solution, ONESOURCE Transfer Pricing. The transfer pricing solution is the first of its kind to target a company’s entire transfer pricing workflow process.
ONESOURCE Transfer Pricing is designed to help businesses ensure compliance as they manage data collection, policy creation and documentation and financial monitoring. Many businesses will find this especially helpful with recent changes to government regulations on transfer pricing and enforcement.
“While companies may have sound transfer pricing documentation in place, research shows that few have all the necessary components to ensure compliance with confidence,” said Joe Harpaz, Managing Director of the Corporate Division within the Tax & Accounting Business of Thomson Reuters. “And with global enforcement on the rise, there is a critical need for an end-to-end transfer pricing solution. We are excited to provide a solution consisting of both software and content that can help multi-national companies achieve compliance with confidence from start to finish.”
A recent Thomas Reuters’ poll of 70 tax executives and controllers found that approximately 50 percent do not have a standard process for transfer pricing planning and documentation. With the new ONESOURCE Transfer Pricing, organizations can:
- Identify and collect transfer pricing information and data through process automation, custom information requests and centralized compilation of global transaction information
- Create, implement and manage company policies and processes
- Access information on local regulations
- Search more than 1.2 million private and public company records worldwide
- View up-to-date transfer pricing obligations in jurisdictions around the world