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ARTICLE · 29 FEBRUARY 2024

KPMG Patents Its AI Tool For Transfer Pricing

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KPMG claims that its recently-obtained patent (U.S. Patent 11,720,842) enhances the historically tedious and error-prone transfer pricing process...

United StatesIntellectual Property
Paul Hunter
Paul Hunter
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KPMG claims that its recently-obtained patent (U.S. Patent 11,720,842) enhances the historically tedious and error-prone transfer pricing process by leveraging artificial intelligence (AI) to automate and mine data, reducing the number of discrepancies, tax authority audits, controversies, and potential fines. The technology allegedly helps companies with tax planning purposes related to OECD's BEPS Pillar Two, allowing them to identify areas where changes can be made to optimize their tax strategy.

Transfer pricing benchmarking helps multinational enterprises comply with transfer pricing rules and regulations, including review of hundreds of business descriptions and financial statements to compile a list of companies with comparable sets of data.

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