How Siemens revamped its documentation
March 10, 2010
The head of transfer pricing at the leading technology multinational company says that streamlining documentation processes reduced costs at the firm by as much as 50%. However, its original masterfile strategy did not meet all the company’s requirements.
“Inter-company transactions make up half of Siemens' revenue,” Sven Bremmer, the company's head of transfer pricing, told IBC’s international transfer pricing summit in London. “Countries have heightened awareness of transfer pricing and we were in immediate need of a consistent method of documentation.”
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