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Preparing Transfer Pricing Documentation by yourself takes time and patience. It is possible to complete your Transfer Pricing Documentation once you gather all the comparable documents in front of you. The speed at which you complete the Transfer Pricing Documentation depends on your understanding of Transfer Pricing rules. The preparation of Transfer Pricing Documentation can be summarized in 3 simple steps; gather and analyze relevant data, draft report, and review with management.
On average, Transfer Pricing Advisor takes around one month to finalize a limited version of Transfer Pricing Documentation whereas 2 to 3 months’ time for a full version. Upon completion, you would want to ensure that the details of your report are accurate and in accordance with the Transfer Pricing guidelines. A Transfer Pricing Advisor will certify accuracy and can help you down the road in a Transfer Pricing audit, hence always ensure that you furnish a complete set of documentation to your Transfer Pricing Advisor.
A professional Transfer Pricing Advisor familiar with the Transfer Pricing calculation can quickly and efficiently accomplish tasks that might take even skilled taxpayers hours of research. As busy non-tax professionals, you can better spend your time earning money in your area of expertise. Even if your Transfer Pricing is straightforward, hiring a professional will save you the time and stress of doing your taxes.
However, for those keen to learn and do Transfer Pricing Documentation on your own, there are numerous Transfer Pricing Workshops offered by experienced Tax Professionals that you may attend to obtain the necessary skills and knowledge.
Should you hire a professional Transfer Pricing Advisor rather than spending your precious time learning this whole new topic? That depends on your opportunity cost of time. Ultimately, there is no universally correct answer to the question of hiring a Transfer Pricing Advisor or doing your taxes on your own. Your comfort and familiarity with IRB Transfer Pricing guidelines will be part of your decision, but the complexity of your Transfer Pricing should be the key deciding factor.
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