Practitioners welcome plans to revise arbitration code of conduct
September 17, 2009
The European Commission has proposed a revision of the code of conduct for applying the arbitration convention (AC) in a bid to strengthen the measure that acts to prevent double taxation in transfer pricing cases in the EU
The proposal came from the EU Joint Transfer Pricing Forum, a group of tax directors, officials and practitioners from the member states, that is mandated by the European Commission to produce non-legislative solutions to practical problems posed by transfer pricing practices in the EU. The proposal covers issues such as serious penalties that prevent taxpayers access to the arbitration procedure, interest charges that accrue during the time it takes to complete the mutual assistance procedure, the time-frame of the arbitration process which is set at three years and triangular transfer pricing cases.
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