Goldwyns offers transfer pricing services in compliance with the Income Tax (Transfer Pricing) Regulations 2018 and the OECD Transfer Pricing Guidelines for Multinational Enterprises. All entities in a group or with established related parties and/or “connected persons” as defined in the TP Regulations and the various tax legislations are required under the TP Regulation to compile annually and file a TP return with the Federal Inland Revenue Service.
Controlled transactions consummated between related parties must be regulated and guided by acceptable transfer pricing policies developed and documented in the main TP documentation of the group in which the obligated taxpayer belongs.
Goldwyns assists taxpayers in compiling the TP documentation to demonstrate arm’s length principle amongst connected persons within a group or MNE as prescribed by the Income Tax (Transfer Pricing) Regulations 2018 for compliance. Our methodology involves determining and evaluating arm’s length price of intercompany transactions in line with goods, services, financing & loans, and intangibles transferred amongst related parties. We proactively identify the risk areas in related party’s transactions and devise risk elimination strategies to minimize the risk of a potential audit and penalties from the tax authorities.
Conclusions for the determination of applicable transfer pricing policies for the controlled transactions established within a group are supported with “benchmarking analyses” conducted on credible databases to ensure that the choses transfer pricing policies actually support or demonstrate effective application of the “arm’s length” principle.