The Resource Customs valuation and transfer pricing : ICC proposals

Customs valuation and transfer pricing : ICC proposals

Label
Customs valuation and transfer pricing : ICC proposals
Title
Customs valuation and transfer pricing : ICC proposals
Creator
Subject
Language
eng
Summary
The article studies the relationship between transfer pricing and customs valuation. The author explains two different approaches of transfer pricing, the first one adopted by tax agencies, based on the OECD Transfer Pricing Guidelines and the second adopted by customs agencies, based on the WTO Customs Valuation Agreement (CVA). From the business perspective, the divergence between the two taxation regimes is an obstacle to the liberalization of trade and inhibits international development for companies. On the other hand, the International Chamber of Commerce (ICC) believes that the WTO CVA and the use of the OECD Guidelines are enough to settle the issue of customs valuation and transfer pricing. However, ICC specifies that tax and customs approaches of intercompany transactions should converge to the same value. In this goal, ICC published a policy statement in 2012, which has been integrated in the WCO guidelines. This statement, based on the harmonization of the current rules, contains several additional options to derive customs value. The author states that the Union Customs Code does not contain any evolution from a transfer pricing perspective but contains some negatives changes regarding custom valuation. Also, the opportunity of the WCO Free Trade Agreement should be taken to move forward on this issue
Citation source
In: EC tax review. - Alphen aan den Rijn. - Vol. 25 (2016), no. 5/6 ; p. 346-351
http://library.link/vocab/creatorName
Salva, J-M
Geographic coverage
  • European Union
  • Europe
Language note
English
http://library.link/vocab/subjectName
  • WCO
  • WTO
  • OECD Transfer Pricing Guidelines
  • customs value
  • transfer pricing
  • Union Customs Code
  • free trade agreement
Label
Customs valuation and transfer pricing : ICC proposals
Instantiates
Publication
Label
Customs valuation and transfer pricing : ICC proposals
Publication

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