IRS proposes tighter transfer pricing rules.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has proposed regs that would revamp re·vamp tr.v. re·vamped, re·vamp·ing, re·vamps 1. To patch up or restore; renovate. 2. To revise or reconstruct (a manuscript, for example). 3. To vamp (a shoe) anew. n. how companies account for the transfer of services and intellectual property to their affiliates in and outside of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . [ILLUSTRATION OMITTED] The rules, which are designed to close loopholes that have allowed companies to shift tax liabilities into lower-tax jurisdictions, are likely to take effect Jan. 1, 2007. Learn more at www.ustreas.gov/press/releases/hp40.htm. |
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