Asia Pacific workshop on Customs valuation and transfer pricing brings Customs and tax authorities closer together

09 十二月 2014

The WCO recently conducted a joint workshop with the Organisation for Economic Co-operation and Development (OECD) and World Bank Group (WBG) for the Asia Pacific Region. The event, which took place in Jeju Island, Korea, was organised and funded by the Korea-OECD Tax Centre. Participants were invited from both tax and Customs administrations in the Region and facilitators were from WCO, OECD, WBG and Korea Customs Service. The workshop focused on the relationship between Customs valuation and transfer pricing which has become a priority issue for Customs administrations and the business sector over recent years. The group debated the technical and practical aspects to both transfer pricing and Customs valuation and engaged in fruitful discussions. In particular, the group examined how information prepared for transfer pricing purposes may be useful to Customs when verifying whether a declared import price is influenced by a relationship between buyer and seller and considered the impact of transfer pricing adjustments on the Customs value. Participants presented national initiatives in this area which illustrated that tax and Customs officials are working more closely together and sharing information and knowledge for mutual benefit. It is estimated that around two thirds of all world trade is between related parties, that is, within a multi-national group. The business community will also benefit from a more joined up and consistent approach by Customs and tax authorities.