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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Thai Resort Owners Sue State Owned Company for Oil Spill

Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,

Nigerian Piracy Threatens UK Interests: New Report

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.

Maine Port City Bans Oil Loading

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock

Finance

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2078 sec (5 req/sec)