The OECD Forum on Tax Administration ("FTA") released a report on Dealing Effectively with the Challenges of Transfer Pricing following a conclusive discussion in its seventh round of meetings held on 18-19 January, 2012, in Buenos Aires, Argentina. At the meeting, the 120 delegates from 43 countries broadly agreed the need to have a coordinated approach in dealing with offshore tax abuse. The discussions of the tax administrators were also enriched by input from business leaders.
The focus of the FTA was to deliberate on effectively increasing offshore compliance, building further on the relationship of trust between tax administrations and large business taxpayers. Tax administrators also shared and discussed best practices to improve the quality of tax administration and increase voluntary compliance.