INTERNATIONAL Finance
Corporation (IFC) has conceived a project to advice countries in East
Asia and Pacific (EAP) region improve their taxation governance.
The
project/program named EAP Tax Transparency Program will assist
countries in the region to improve or put in place taxation regulation
and administration to respond to problems of abusive transfer pricing
and related issues while increasing certainty and avoiding an excessive
compliance burden for taxpayers.
According
to an IFC disclosure, "The program will engage with regional bodies to
promote harmonisation of transfer pricing regulation across the region
and promote sharing of resources and expertise among tax authorities in
relation to transfer pricing and associated issues."
It says: "The
program is expected to result in the implementation of new laws,
supporting regulations and administrative procedures relating to
transfer pricing and associated issues, developed in accordance with
best practice. This is expected to lead to increases in taxation revenue
as the result of transfer pricing audits undertaken by tax authorities
in the countries in which the program is implemented."
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