Customs valuation and transfer pricing : ICC proposals
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The work Customs valuation and transfer pricing : ICC proposals represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
The Resource
Customs valuation and transfer pricing : ICC proposals
Resource Information
The work Customs valuation and transfer pricing : ICC proposals represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- Customs valuation and transfer pricing : ICC proposals
- 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
- Geographic coverage
-
- European Union
- Europe
- Language note
- English
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Context of Customs valuation and transfer pricing : ICC proposalsWork of
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