A joint initiative of the WU Global Tax Policy Center and the WU Transfer Pricing Center, “New Technologies to Transform the Approach to Transfer Pricing”, has been presented in an online session on April 19-20, 2021.
Dr. Sven Bremer, Global Head of Transfer Pricing of the Siemens headquarters, presented the transfer pricing software of the Siemens Group. Other panelists were Jean-Louis Barsac (Head of Tax, Valeo), Christian Runge (Global Head of TP, Shell), Ritu Sharma (Director TP, Netflix), Zahira Quattrocchi (Group Head of Tax, Anglo American), together with Jeffrey Owens and Raffaele Petruzzi (both WU TP Center).
The panelists provided insights on how they think about, and work with, tax technology in their transfer pricing practice. Focus was given on how to draft the local file of a transfer pricing documentation, the processing of benchmarks, and copying with DAC6 compliance requirements.
While current visualization is the prime focus of many software solutions, effective tax rate management and long-term response to tax environments might be future challenges of such software solutions. At least, this could be seen as one conclusion of today’s session of the conference. The GTP® TEAM concludes that the positions brought forward at this part’s conference are kind of traditional and the software solutions presented have been discussed and partly practiced in the past decade. What is a new challenge on software technologies is the idea of how blockchain solutions could change the game in transfer pricing.
For more information on transfer pricing solutions, you may visit www.GlobalTransferPricing.com.