Transfer pricing has continued to remain a growing sphere of focus for the tax authorities worldwide. For example, the United Kingdom tax authority, Her Majesty’s Revenue & Customs (HMRC) reported that its inquiries into aggressive utilization of related errors and transfer pricing have resulted in a tenfold escalation in fines in only three years in multinational businesses.
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Some Cost-Saving Opportunities Present in the Market for Global Tax Advisory Services
The adoption of different cost-optimization levers aid purchasers of tax advisory services to understand direct cost savings besides value benefits and improved category management. Experts have managed to segment the various cost-saving opportunities in the market in the value-enhancement opportunities that are mentioned below:
- Adoption of negotiation strategies
- Adoption of technology
- Bundling of services
- Optimization of procurement performances
- Supplier competition
The Usefulness of Technology Savings Aspects
The vendors of tax advisory services adopt several technologies, like data analytics, ERP services, mobile application guides, and web portals for enabling impressive savings of up to 7 percent of the entire category which is spent.
The number of payments of taxes to an organization is dependent on different factors, like tax base, tax rate, progressive taxes, and regressive taxes. Purchasers opt to get engaged with vendors who are capable of designing probable solutions for lessening the burden of a tax.
The Utility of Savings Aspects of Procurement Practices
A buyer must be engaged with global suppliers because they have got expertise in various industry-specific tax regulations. They can also aid in tax policies prevalent in the business models. Additionally, buyers also prefer to procure the suppliers’ services that propose automation processes to collect transactional data besides strategy formulation for lessening the costs of operation and augment profitability by lessening the burden of the final tax.