Senator the Hon. Mathias Cormann
Minister for Finance
Today we release the Inspector-General of Taxation's review into the Australian Taxation Office's management of transfer pricing.
The Inspector-General of Taxation initiated this review following concerns of unnecessary costs, protracted timeframes, a lack of communication, inadequate public advice and guidance and the perception of inadequate use of consultative forums in dealing with transfer pricing matters.
The Inspector-General made 18 recommendations to the Australian Taxation Office in the report.
The Australian Taxation Office has agreed with 17 in whole, in part or in principle and disagreed with just one recommendation.
The Government is confident that the appropriate implementation of these recommendations will result in more efficient processing of transfer pricing matters by the Australian Taxation Office moving forward.
The Inspector-General of Taxation's report, including the Australian Taxation Office's response is available at www.igt.gov.au.
Karen Wu - 0428 350 139