KPMG LLP has launched a new service, Operational Transfer Pricing, to help multinational companies better navigate the growing risks they face with intercompany transactions internationally.
The service deals with transfer pricing arrangements, in which multinational companies transfer goods, services or intangibles across their affiliates in different countries to lower their taxes, often with the help of accounting and tax specialists. Among the growing risks companies face are materially misstated financial statements, more transfer pricing audits, and multimillion dollar tax adjustments and related penalties.
“Companies that fail to rigorously develop, implement and manage their transfer pricing policies face growing reputational and financial risks,” said P. Scott Ozanus, vice chair of KPMG's U.S. tax practice. “This is especially true in light of the increased attention regulators are placing on the integrity of intercompany accounting and organizations' underlying control environment.”
The new service aims to help multinationals better manage these risks by efficiently integrating transfer pricing into daily operations.
Jerry Klopfer, a tax principal in KPMG's Economic & Valuation Services practice, and Tony Bevacqua, an advisory principal in the firm's Financial Management group, will head a multi-disciplinary team that will deliver the service.
Klopfer, based in Chicago, has 17 years of economic consulting experience for multinational clients. Bevacqua, based in Philadelphia, has had a combined 20 years of management consulting and industry experience advising clients.
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