Ernst & Young named Russian Transfer Pricing Firm of the Year
17 May 2012, Moscow – In an award ceremony last night in London, International Tax Review named Ernst & Young the 2012 Russian Transfer Pricing Firm of the Year.
“The award reflects all of the great work that our transfer pricing professionals have performed during the past year,” said Peter Reinhardt, Ernst & Young, CIS Tax & Law Leader. “Since landmark new legislation in Russia was approved last July, we have indeed been the clear market leader in transfer pricing, both in the number and complexity of our engagements and also in the services we have performed for the wider business community to help everyone understand the requirements of Russia’s new transfer pricing legislation and how to manage one’s business effectively in the new environment.”
Throughout 2011, as the new Russian transfer pricing legislation was taking shape, Ernst & Young’s Transfer Pricing Team was the leader in informing companies about the new law’s policy implications and preparing them for the coming changes. Across Russia as well as several other locations around the world, Ernst & Young hosted educational events, as well as seminars and client meetings, including a flagship conference in Moscow on 14 September 2011 dedicated to Russian transfer pricing which attracted over 500 people. The event received accolades from the top Ministry of Finance and Federal Tax Service officials who attended and presented. Ernst & Young also produced webcasts and published articles in multiple media and thought leadership outlets in order to keep business leaders up to date on the latest information.
“Transfer pricing under the new legislation has involved much more than just complex engagements,” said Evgenia Veter, Ernst & Young, CIS Transfer Pricing and Tax Efficient Supply Chain Management Leader. “Since most Russian companies did not have much previous experience with transfer pricing requirements, we sought to fill the gaps in knowledge and help everyone get up to speed. Our efforts in this regard proved very successful and, ultimately, I believe that had a lot to do with us winning this award.”
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