Multinationals are coming under fire for moving trillions of dollars to 'avoid' taxes
that there were more than 260,000 LinkedIn profiles belonging to professionals who specialise in transfer pricing — a technique multinational companies use to hide their taxable income.
More than one-third of the world’s foreign direct investment might be just “phantom” in nature — changing hands without generating any real economic activity, say Jannick Damgaard, Thomas Elkjaer and Niels Johannesen, the authors of the study. The study notes that the global average tax rate was cut from 40 percent in 1990 to about 25 percent in 2017, indicating a race to the bottom.
Transfer pricing isn’t illegal as long as the sale of goods and services reflect market prices. But it’s almost impossible for governments to check and verify the huge number of such transactions. “There is nothing less risky, by contrast, than manipulating the prices of patents, logos, labels or algorithms, because the value of these assets is intrinsically difficult to establish.”
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