Moore Stephens Recommends Transfer Pricing Review

Wednesday, August 15, 2001
Shipping companies should take positive action now, if they want to avoid a big U.K. tax bill, say leading accountants Moore Stephens. In the current issue of Moore Stephens' shipping newsletter, the bottom line, Philip Parr, partner, recommends a transfer pricing study to prevent the Inland Revenue from charging international shipping companies, with a UK arm, any additional tax, interest and penalties.

Transactions involving associated overseas companies are affected by the new tax legislation, which introduced self assessment and revised the transfer pricing rules two years ago. Shipping, as a highly international industry, is particularly affected by the new rules.

According to Parr, "The rules changed the emphasis from action that had to be taken by the Inland Revenue to positive action that has to be taken by the taxpayer to avoid tax penalties being charged." He warns, "It is vital to carry out a study to prevent the Inland Revenue trying to attribute a share of the profits of the overseas group, if it is highly profitable, which could be very expensive in terms of U.K. tax."

Also in the bottom line, Moore Stephens reports on changes in the deferred tax regime and the consequences for tonnage tax shipping companies, and profiles Igor Borisenko, Sovcomflot's chief financial officer. For copies of the bottom line contact John Guy at john@merlinco.com

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Philippine, Vietnamese Troops Together on Disputed Island

Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two

Hundreds Rally in Myanmar over "boat people" Crisis

Hundreds of protesters marched through the streets of Myanmar's largest city of Yangon on Wednesday to denounce foreign criticism of the country's treatment of stateless Rohingya Muslims.

Wärtsilä wins BWMS Order for 3 Vessels

Wärtsilä has received another important order for its Ballast Water Management Systems (BWMS). Three new container ships being built for a major European shipping

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1201 sec (8 req/sec)