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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

China to Enforce Low Sulphur ECA in Yangtze River Delta

Vessels calling ports in China’s Yangtze River Delta, including Shanghai, will be required to burn low sulphur fuel while at berth from April 1 this year.   China’s

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Finance

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

Asia-Europe Box Rates Down 8 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.0771 sec (13 req/sec)