U.K. reforms its transfer pricing rules; legislation, sparked by self-assessment, calls for taxpayers to figure arm's-length prices on their own
Article Abstract:
The introduction of self-assessment in corporate taxation triggered the reform of the transfer-pricing rules before the United Kingdom Parliament. Traditionally, the Inland Revenue calculated and assessed corporate tax after receiving a return of profits from corporations. The old transfer-pricing rules applied only when the Inland Revenue directed that they should, and before its receipts taxpayer application of the arms-length standard in their tax returns was not mandatory. The pending application has many effects, including swifter application of the noncompliance penalties. Others are listed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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HMO conversion trend spurs closer oversight; as more non-profit HMOs seek for-profit status, legislatures tighten laws to curb abuses
Article Abstract:
Regulatory oversight of non-profit health maintenance orgs converting into for-profit entities continues to evolve as more and larger conversions or mergers occur. Many public charities regard such transformations as a chance to receive a cash infusion, while the investment community appreciates the spectacular returns that often follow. Non-profit status lost its luster after the 1970s as IRS rulings and other developments eroded the benefits. The standard mechanics governing these transformations is discussed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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IRS addresses transfer-pricing abuses
Article Abstract:
The IRS has issued 1993 regulations for IRC section 482 covering transfer pricing. The rules are aimed at stopping abuses of transfer pricing to minimize corporate income taxes. The rules employ the arm's length standard for accounting of prices, and five accounting methods are allowed. The Advance Pricing Agreement process can insure that a specific choice of accounting method will not be challenged as inappropriate.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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