The third quarter of this year is slowly coming to an end and we prepare to usher in the fourth and last quarter of 2019. A question ringing loudly in my ears is: How did time fly so fast? It seems just like yesterday when we said, ‘Happy New Year’ and in another twelve weeks or thereabout, we would be saying ‘Merry Christmas’. OK, ignore me. I get that way sometimes.
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- What is Transfer Pricing?
Transfer Pricing (TP) is described as the method by which connected organisations or related parties price goods, assets, services, intellectual properties, loans, guarantees and other commercial transactions between them.
The prices paid for goods or services delivered or received have a direct impact on the profits of the seller and buyer and by implication, on tax. Unlike transactions between independent parties, related parties tend to place less emphasis on ensuring that the price charged for a transaction reflects market circumstances.
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It used to be news, but it is becoming less of a catchy headline now that unemployment rate is high in Nigeria. That it has, in fact, climbed upwards for nine consecutive quarters to hover at about 14.2% in the last quarter of 20161 and then, like the eagle, surged higher to crest at an increased 18.80% of the total population, by the third quarter of 2017.
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