Using professional translators is vital, well of course we’re going to say that. Translation is one of the services Global Lingo supply to large and small businesses and public sector organisations.
But a recent dispute between HM Revenue and Customs and retail giant DSG International demonstrates why this is essential, as DSG was landed with a whopping GBP 52.7 Million fine for transfer pricing arrangements. This is when a multinational company moves its assets from country to country between its sites to reduce its tax bill in a given financial zone.
Multinational companies can easily fall foul of the law by failing to familiarise themselves with local tax regulations. Having crucial documents professionally translated by a financial translator is one way to avoid these issues. In a drive to cut costs many governments have stopped providing translated tax documentation so now it’s down to individual organisations to have these documents translated. And as ignorance is no defence, a professional translation is most definitely money well spent.