KRA eyes tax-evading multinationals with new database
Nairobi, April 17 -- The Kenya Revenue Authority(KRA) plans to install a new transfer pricing database that will enable its agents to gather and compare transactions made by multinational firms to seal loopholes for tax evasion.
The taxman said the transfer pricing database will assist its officers in compiling, analysing and managing data from cross-border company transactions to ensure compliance with tax obligations.
"A common concern in developing economies relates to difficulties in accessing the information on "comparables", that is, data on transactions between independent parties used in the application of the arm's length principle," said the KRA.
Transfer pricing is an accounting practice that represents the price that one di...
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