- Transfer pricing adjustments impact VAT and customs value for SMEs involved in cross-border transactions.
- Adjustments may require VAT corrections or refunds and can affect customs duties based on changes in declared transaction values.
- SMEs must maintain proper documentation, coordinate with advisors, and have robust accounting systems to manage these adjustments.
- Regular review and updating of transfer pricing policies are essential for compliance and risk mitigation.
Source: hillierhopkins.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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