The Federal Inland Revenue Service (FIRS) in its Frequently Asked Questions on Transfer Pricing,1 listed as Question Number 24, the following Q & A: “Will there be TP audits?” “Yes. The FIRS may carry out TPexaminations in order to verify that prices adopted by a company with respect to controlled transactionscomply with the arm’s length principle.” According to the FIRS, a “Tax Audit is an examination of underlyingrecords to determine whether a taxpayer has correctly reported its tax liabilities. Tax audits are more detailed and extensive than other types of examinations such as desk examination, compliance monitoring/reviews.”2
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