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It should come as no surprise that Microsoft’s 450-plus legal entities, which operate in 118 countries, engage in intercompany transactions. But the scope of that activity is eye-popping: more than 35,000 transactions, worth over US$50 billion, each year. “We use intercompany payments for everything from foreign subsidiaries’ dividend payments to the corporate parent, to ‘commissions’ that reimburse subsidiaries for products sold, to IP [intellectual property] royalties between business units,” explains Sunnie Ho, senior treasury manager in Microsoft’s Global Cash Management group.

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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