FBK Implements TP Management System Project for FESCO

FBK specialists won the competition and began to implement a large project on the controlled transactions register automation and filling in of notifications on transfer pricing for FESCO, one of the largest carrier companies in Russia.

FBK lawyers, financial consultants and 1C solutions implementation specialists will take part in the work under the project.

The project involves the development of the current system of automatic notifications on controlled transactions: a system of on-line data consolidation about FESCO Group controlled transactions will be designed and implemented to allow control over tax risks at the stage of planning. The system will enable the company to make relevant price adjustments within the Group in regard to the changing situation in the market, which will entail minimization of TP-related risks.

“The implementation of our system will allow the client to manage the pricing and optimize the effort put in the preparation of TP notifications,” noted Elena Solomatina, the Corporate Management System Department director.

According to Alexey Anishchenko, the leading consultant of the Financial Consulting Department, in connection with the reduction since 2014 of “price threshold” for transactions among related companies down to 1 bn roubles the number of controlled transactions will increase as well as the range of companies subject to submission of TP notifications and documentation will also expand. In this connection the expert believes that the automation of TP reporting and, in particular, the risks minimizing solutions will be in demand in the market.

FESCO transport group is an international carrier company that offers the clients a wide range of logistics solutions, multimodal shipments, stevedore services at the own terminals of the largest ports in Russia and CIS countries and a globally ramified network of offices.