Brussels, 24 April 2006. The World Customs Organization (WCO) and the Organisation for Economic Co-operation and Development (OECD) will hold the first international WCO/OECD Conference on Transfer Pricing and Customs Valuation*, bringing together specialists in this complex field. The event will be held at the WCO headquarters in Brussels from 3-4 May 2006.
"Transfer pricing" is used by multinational enterprises to determine the price and conditions for the transfer of goods, services and assets between their affiliated companies situated in different tax jurisdictions. As these multinational enterprises account for about 60% of world trade, transfer pricing has become the number one issue in the international tax arena. While the focus has traditionally been on direct taxation, the customs duties dimension of transfer pricing is now increasingly attracting the attention of both governments and business.
WCO Secretary General, Michel Danet, said: “Due to the growing importance of transfer pricing to international trade transactions it is imperative that the public and private sectors collectively attempt to explore, advance and resolve issues that will both secure and facilitate trade. This will impact favourably on national economic development and lead to prosperity and growth across the globe”.
OECD Deputy Secretary General, Richard Hecklinger, added: “The existence of two sets of rules, and in many countries, two different administrative bodies to deal with direct taxes and customs duties, can make cross-border trade overly complicated and costly. This issue has been raised by the business community on several occasions. With this joint WCO-OECD initiative, we want to encourage global, coordinated efforts among business and governments, tax experts and customs specialists”.
Representatives from customs administrations, revenue authorities, tax services, the business community, and the academic world are expected to attend the event which is being sponsored and supported by a number of leading businesses.
For more information:
*Conference information and online registrations: http://events.wcoomd.org