Transfer Pricing Specialists – A Brief Outline
What is Transfer Pricing?
The price that one division of a firm charges another division for goods and services offered is known as transfer pricing.
Prices for goods and services traded between affiliates or subsidiaries that are part of the same enterprise can be set using transfer pricing. Corporations use transfer pricing to save money on taxes.
Companies may often charge a higher price to divisions in high-tax nations (cutting profit) and a lower price to divisions in low-tax countries (raising profit).
Clients benefit from the services of a transfer price consultant in ways that include:
- Assuring compliance with transfer pricing requirements.
- Giving help in establishing and optimizing transfer pricing strategies.
- Assisting with dispute resolution.
What Does a Transfer Pricing Specialist Do?
Transfer Pricing Specialists can assist a company if:
- The supply chain has been changed.
- A new product is being created.
- Intellectual property is created/acquired in new ways.
- The company has been reformed.
- A purchase or a divestiture takes place.
To ensure a beneficial outcome, a Specialist sees to it that taxpayers make informed judgments about transfer pricing during these adjustments. In these instances, careful and adequate transfer pricing planning can lead to optimal financial performance.
A Transfer Pricing Specialist’s main duties are to provide an impartial, experienced viewpoint and assist with the planning process in order to maximize revenues and avoid risk during transactions.
How Do You Become a Transfer Pricing Specialist?
You would need to have the following:
- Completed BCom degree in Economics.
- CA(SA) accreditation.
- Honours or master’s in taxation.
- Transfer Pricing Tax experience.
Essential Skills employers will look for:
- Be analytical and be able to review large quantities of information and data to generate core concepts and ideas.
- Be able to identify problems and formulate creative solutions.
- Have the ability to take ownership and show initiative.
- Have the ability to perform thorough research and gather and collate important data and present it in a well-structured, efficient, and clear manner.
- Be eager to learn and understand the importance of teamwork and collaboration.
How Much Do Transfer Pricing Specialists earn?
As of 2022, this career will see earners gain around an average of R1 Million per year in South Africa. With enough experience, this mammoth financial reward could shift well north of R1 Million!
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Professional Sourcing can assist with the recruitment process during and after the pandemic. Our team has a strong reputation for recruitment expertise within our specialisation areas.
Professional Sourcing can assist with the recruitment process during and after the pandemic. Our team has a strong reputation for recruitment expertise within our specialisation areas. Visit prosourcing.co.za for more info.
Professional Sourcing has a strong reputation for highly developed recruitment expertise within our specialisation areas. We develop strong long-term relationships with our loyal clients. Allow us to help you deal with your frustrations of a lengthy hiring process.
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