Accounting specialists, financial directors and managers on January 28 were trained to implement the transfer pricing conception within a seminar staged by the European Business Association (EBA Moldova). Oana Motoi, taxes department coordinating manager at KPMG Moldova, said it is very important to understand this principle in the context of the adjustment of Moldova’s legislation, including the fiscal one, to the European standards, IPN reports.

Based on transfer pricing, a transaction between the affiliated sides is performed at a market price, which is the price at which a similar transaction was carried out in comparable economic conditions. The experts of KRMG Moldova explained the given conception, the legal provisions concerning  transfer pricing and its impact on the income and income tax to the participants in the seminar. They also presented methods of documenting transfer pricing and of preparing the taxpayers for using it.

“Both the fiscal administration and the private sector in Moldova are now not ready to implement transfer pricing. These should be first of all explained how this principle works. That’s why EBA Moldova invited the team of KPMG, which implemented this mechanism in Romania at legislative level and in the private sector, so as to satisfy the requests made by accountants of the member companies of EBA,” said EBA Moldova executive director Mariana Rufa.

The event involved EBA member and partner companies from the IT sector, producers of goods and services and representatives of the banking sector. The seminar was staged within a project implemented by EBA Moldova with support provided by USAID through East Europe Foundation and FHI 360.