Ghana’s Minister of Finance1 submitted new Transfer Pricing Regulations (new Regulations) before Parliament on 10 August 2020. In accordance with Article 11(7) of the Constitution of the Republic of Ghana, 1992, the new Regulations2 matured after 21 sitting days for Parliament. Thus, the new Regulations – which also repealed the Transfer Pricing Regulations, 2012 (L.I. 2188) (old Regulations) – entered into force on 2 November 2020.
The new Regulations incorporate many of the revisions introduced by the July 2017 edition of the Organisation for Economic Co-operation and Development (OECD)’s Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (OECD Guidelines), but with significant variations in certain cases.
The 19 paragraphs and two schedules of the new Regulations introduce significant changes in the compliance obligations for affected taxpayers as compared to the 10 paragraphs of the old Regulations.
This Alert summarizes the key provisions of the new Regulations.