KPMG LLP Secures New Transfer Pricing Patent Within AI-Powered Tool
KPMG LLP, the audit, tax and advisory firm, is using its newly awarded US Patent No.
- KPMG LLP, the audit, tax and advisory firm, is using its newly awarded US Patent No.
- 11,720,842, "System and Method for Identifying Comparables" (the '842 Patent), together with artificial intelligence (AI), to help companies remain compliant and ultimately protect them from potential tax audits.
- Transfer pricing benchmarking is a critical step in helping MNEs comply with transfer pricing rules and regulations - one that includes the review of hundreds of business descriptions and financial statements to compile a list of companies with comparable sets of data.
- The KPMG patent enhances this historically tedious and error-prone process by leveraging AI to automate and mine the data, reducing the number of discrepancies, tax authority audits, controversies and potential fines.