Washington (June 18, 2002) -- The IRS is seeking comments on a proposed multilateral transfer pricing documentation package developed by the Pacific Association of Tax Administrators.

In recent years, transfer pricing documentation has become increasingly important under the laws of many jurisdictions. Under U.S. law, taxpayers may be subject to documentation-related penalties under Internal Revenue Code Section 6662(e). Taxpayers have commented that it has also become increasingly burdensome to understand and satisfy the differing documentation requirements in each jurisdiction. The PATA members include Australia, Canada, Japan and the United States.

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