![]() ![]() ![]() Many governments therefore, are adopting more strategic approaches in making investments and policy decisions that are necessary to achieve overall economic prosperity through the promotion of the innovation capability and to become competitive in the manufacturing sector. The sector provides products that are required by industries of strategic importance, such as national infrastructure and defence, as well as products that are indispensable in our daily lives. ![]() The manufacturing sector is a diverse sector consisting of many industries and employs a large share of the labour force around the world. This rate was supported by high growth in the production of durable goods, such as household equipment, electronic goods and motor vehicles, according to the UN Industrial Development Organization's (UNIDO) "Global manufacturing recovering but growth prospects for developing and emerging industrial economies remain fragile," June 11 2014. Global manufacturing output rose by 5.1% (3.3% in industrialised countries and 9.4% in developing and emerging industrial economies) in the first quarter of 2014, the highest rate in several years. The manufacturing sector continues to grow on a global scale. At the same time, because of the volume and increasing complexity of intercompany transactions and their significant impact on tax revenue base, the sector has attracted and will likely continue to attract high levels of attention and scrutiny from tax authorities around the world. Because of the large size of cross-border transactions, proper transfer pricing planning is important for MNEs in managing not only their tax risks, but more importantly their financial results. The nature of inter-company transactions evolves as multinational enterprises (MNEs) adapt to the transformation of the sector through renewed business models and value chains to improve their agility within the rapidly changing environment. The manufacturing sector continues to be the chief wealth-producing sector of the global economy and involves a large volume and variety of complex cross-border transactions, including tangible property, intangible property, services and financial transactions. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |