EU Council Adopts the Revised Code of Conduct for the Effective Implementation of the EU Arbitration Convention

The second of two reports by the EU Joint Transfer Pricing Forum considered in the January/February issue of the International Transfer Pricing Journal, contained recommendations that were incorporated into the proposal for a revised Code of Conduct on the Arbitration Convention. This article considers the eight recommendations included in the revised Code of Conduct, which is intended to further improve the Arbitration Convention and was approved by the EU Council in December 2009. EU Member States themselves will have to take further steps, including in their domestic tax and transfer pricing legislation and practices.