Firm named top transfer pricing practice for the second year running
VANCOUVER, Oct. 14 /CNW/ - As multinational corporations continue to expand into new markets, Ernst & Young has once again been named the number-one transfer pricing firm in both Canada and in North America by International Tax Review.
Both honours come at a time when transfer pricing plays an increasingly critical role for global businesses navigating the recession. In the recently launched 2009 global transfer pricing survey, Ernst & Young found that more jurisdictions than ever before are gearing up for increased transfer pricing audits, penalties and tax controversy.
"The world's financial markets have brought unforeseen challenges to global enterprises, with increased losses and volatile results," said Greg Noble, Canadian Market Leader, Transfer Pricing Services, Ernst & Young. "Effective and supportable transfer pricing policies are crucial strategic elements in managing tax exposure, reducing overall tax effective rates and increasing a company's bottom line."
A division of international corporate tax, transfer pricing refers to the valuation of cross-border transactions between related entities. These transactions can include goods, services, intangibles and financial transactions.
"This award is a testament to the quality of service that Ernst & Young is providing to our clients. In a time of intense financial hardship, we have continued to grow our practice by providing practical and value-added insight to assist our clients in rising to the challenges of a globally integrated economy," said Noble.
Noble, who is based in Vancouver, accepted the honours on behalf of Ernst & Young in Canada at the International Tax Review Americas Awards. Held in New York each year, the awards recognize the most innovative tax planning, structuring, pricing and transfer pricing work that has been done in the past 12 months.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. For more information, please visit ey.com/ca.
SOURCE EY (Ernst & Young)
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