Added bench strength comes as increased audits, penalties and tax controversy anticipated
TORONTO, April 26 /CNW/ - Ernst & Young has added eight senior professionals to its top-rated Canadian Transfer Pricing team.
The appointments come at a time when transfer pricing and tax controversy play an increasingly critical role for global businesses. The Canada Revenue Agency (CRA) and other major tax administrations are expected to intensify transfer pricing enforcement, which will in turn lead to increasing controversy as multiple jurisdictions vie over the same taxable income.
Transfer pricing is the valuation of cross-border transactions between related entities, and the issue has proliferated as commerce has globalized. Ernst & Young's recent Global transfer pricing survey found that more jurisdictions than ever before are gearing up for increased transfer pricing audits, penalties and tax controversy. As Canadian multinationals face new tax risks, the next two years will bring more tax audits and disputes with tax authorities.
"In today's tax environment, it is essential to take a proactive approach to mitigating controversy, by building productive relationships with tax administrators," said Greg Noble, leader of Ernst & Young's Transfer Pricing practice in Canada. "Adding these seasoned professionals to our team enhances our ability to help our clients work more effectively with Canadian tax authorities and tax administrators around the world."
All of the new recruits have extensive governmental experience, having worked at either the CRA or the Department of Justice.
The appointments further assert Ernst & Young's number-one position in the marketplace, as the firm was recently named the number-one transfer pricing practice in Canada for the second consecutive year by International Tax Review.
"We have established a global leadership position in transfer pricing and tax controversy services and with this move achieved a level of market dominance that is seldom reached in such a dynamic and strategic space," said Trent Henry, leader of Ernst & Young's Canadian Tax practice.
Joining Ernst & Young are Phil Fortier, Sandy Goldberg, John Oatway, Gary Zed, Rene Fleming, Fred O'Riordan, Kevin O'Reilley and Al Rizzuto.
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