"Our recent research shows that multinational corporations are being asked more often to provide their transfer pricing documentation to tax authorities around the world in local language," said Ken Crutchfield, vice president and general manager for ONESOURCE Transfer Pricing at Thomson Reuters. "Translation is also helpful for U.S. companies that need to explain transfer pricing compliance to a foreign parent company."
The Tax & Accounting business of Thomson Reuters is partnering with the RWS Group to provide translation services that are guaranteed to be accurate, translated by in-house experts in the local language area, and offered at below industry average cost.
Thomson Reuters had asked multinational corporations to assess their need for translated transfer pricing studies, and found a global trend in tax authorities' language requirements. The largest demands are currently for Chinese, Spanish, German, Italian, and Polish. "We chose the RWS Group to fill this need because they are the 'best in class' and we strive to give our customers the best advantages," explained Crutchfield. "In this case, we are adding Translation Services to our overall ONESOURCE Transfer Pricing solution with the assurance that the service will be accurate, delivered on time, and cost effective."
The RWS Group is a leading global translation company with a team of more than 100 in-house translators, supported by a regularly tested network of more than 1,000, who annually translate more than 50,000 documents for a wide range of industries, in any language. The RWS Group has recently earned its fourth Queen's Award for International Trade and they are ISO 9000 certified for quality assurance practices.
"We're excited to partner with a global, trusted corporation like Thomson Reuters," said Deborah Collins, director of Sales at the RWS Group. "We share the commonalities of high ethics and quality standards along with a desire to make our customers successful."
"By leveraging translation memory technology, we are able to provide consistent, high quality translations for multi-national corporations," added Crutchfield. "Over time, the translation memory will provide efficiencies in translation, which can result in cost savings for our customers. And because RWS translators are so qualified that they warrant their work, we believe this could be the premier service for translations for transfer pricing."