GRA holds seminar on transfer pricing for large tax payers

The Ghana Revenue Authority GRA) has held a seminar for large taxpayers in Accra to enhance education on the requirements for transfer pricing regulation and Commissioner-General’s Practice Notes.

The aim of the seminar was to ensure that taxpayers, especially the multinational companies, are well-informed about the processes of filing their taxes.

Mr Kwame Apenteng, Deputy Commissioner of the Large Taxpayers Office (LTO), said the seminar was to ensure that most of the companies under the LTO are abreast of the issues of transfer pricing.

He said the GRA is taking the necessary steps to ensure that education and information, which is one major challenge hampering the collection of revenue from the large taxpayers, are dealt with.

Under the transfer pricing regulations approved last year multinational companies that transact business with other subsidiaries would be required to keep the records of such transactions to help the GRA in determining their taxable incomes.

Mr Appenteng said the regulations provide a series of transfer pricing methods that the companies would be allowed to choose from, adding that it was therefore necessary to look at the law and the interpretations.

He said it was in this direction that the GRA was coming out with the Commissioner’s Practice note to help the companies at each stage of the filing process.

Source: GNA