Anderson Tax Wednesday launched its review on Transfer Pricing (TP) Development in Africa, in Lagos.
The 45-page report was aimed at providing tax payers and investors with the required insight into TP in Sub-Sahara African countries, particularly Nigeria.
Addressing journalists, the Chairman, Anderson Tax Africa, Mr. Seyi Bickersteth, said the “report presents our findings from our survey of Nigerian taxpayers.”
“The survey was administered to persons in various positions including tax managers/directors, chief financial officers and heads of finance in leading organisations across major industry sectors.
He said: “Prior to the release of the revised TP regulations, the survey was administered on 24 participants while after release of the regulations, 100 people participated in the survey. The survey elicited responses in respect of TP compliance, TP risk assessment, TP audit, dispute resolution as well as APA.”
In his address, the Partner and Head, Transfer Pricing Group, Anderson Tax Nigeria, Dr. Joshua Bamfo said: “What we have tried to do is to do an in-depth review and research, that we would be able to present to multinational enterprises and other foreign direct investors, as to; what are the requirement when it comes to transfer pricing of the agency across the sub-regions, what are some of the compliance issues, what are some of the challenges be it audit as pertaining within the sub-region?
“With these information, we believe that they will be well equipped in factoring when they are making planning decisions in other to enter this market.
“If you look at it from the above perspective, one of the objectives of this particular report is to help multinational enterprises to make informed decisions when they decide to make investments in the Sub- Saharan African sub-region.
“In the same token, when we look at it from the perspective of the government of this same sub-region, this is very helpful to them. This is because most sub-Sahara countries wants foreign direct investments as a means of creating job opportunities for their citizenry, and to do that, you will want foreign direct investors to be comfortable and confident that when they come in, they are not going to face cynical obstacles.
“So in the area of Transfer Pricing; in particular, the area of taxing, we want to be able to help government to ensure that there is clear ease of doing business, and there is clarity in terms of the challenges that foreign direct investors would face.”