The Liberia Revenue Authority (LRA) on Tuesday began a two-day training for judicial officials, including judges and lawyers, on Transfer Pricing in Monrovia.
The training, organized by the LRA in collaboration with the James A.A. Pierre Judicial Institute, is intended to enhance the knowledge of the participants about basic techniques in handling cases of transfer pricing and tax evasion.
Transfer Pricing is the transfer of prices between subsidiaries and parent companies in their interaction of goods, services, and intangibles across national boundaries. Transfer Pricing transactions include the import and export of products, raw materials, capital equipment, technology, patents, copyrights, management fees and inter affiliate financing.
The two-day training on Capitol Hill is supported by the World Bank and is part of ongoing efforts to strengthen the capacity of Liberian judiciary in adjudicating transfer pricing cases.A similar training was held in April 2017.
Speaking at the opening of the training, LRA Assistant Commissioner for Large Tax Andre Pope, reminded judicial officials of their national obligation to protect Liberia’s tax revenue by fully applying transfer pricing regulations.
He said Liberia has taken a huge step by introducing transfer pricing filing for companies and needs to be supported by all stakeholders including judicial officials.
According to Assistant Commissioner Pope, by curtailing tax fraud, more revenue can be collected to support government’s “pro-poor agenda.”
Chief Justice Francis Korkpor urged participating lawyers and judges to take interest in the training and ensure that they capture the materials at the exercise.
He said the training will better prepare judicial officials to properly handle cases of tax crimes and transfer pricing.
Chief Justice Korkpor encouraged the LRA to continue the engagement with judicial officials through training and information sharing.