Press Release: Company taxation: The European Commission proposes a revised Code of Conduct for applying the Arbitration Convention to improve prevention of double taxation.

The EU Commission adopted a Communication based on the work achieved by the EU Joint Transfer Pricing Forum on 14 September, 2009. The Commission and the Forum consider that the elimination of double taxation linked to transfer pricing adjustments is facilitated by constant monitoring of problems occurring in practice. Such an exercise led to several improvements on the interpretation of the Arbitration Convention's provisions incorporated in the proposed revised Code of conduct, in particular on the reduction of the timeframe for case resolution.