Transfer Pricing Regulations take off in Ghana
Navigating waters of change
In September 2012, the Minister of Finance released to the public, a Gazette on Transfer Pricing Regulations; L.I. 2188, 2012 ('the Regulations'). The Regulations are expected to address the shortcomings of the provisions in the Act on related party transactions. Related party transactions are at particular prices, thereby giving rise to the concept of transfer pricing (TP).
The Regulations require taxpayers to demonstrate that all transactions between them and their related entities are carried out at arm's length.