HMRC set to impose penalties for transfer pricing discrepancies
January 21, 2009
Her Majesty’s Revenue & Customs (HMRC) is expected to change the penalties it imposes on erroneous transfer pricing documentation from April. It is thought that the minimum penalty applied will be 10% of the total tax lost to HMRC although the total penalty will depend on the severity of the error.
This is a notable change from the system in place at the moment.
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