Introduction In many developing countries, a major challenge which occurs in related-party transactions is transfer pricing. A transfer price can be defined as the price at which related parties (that is, companies having existing relationship as a result of common ownership or control) transact with one another. In such circumstances, related parties have the tendency of transacting business at a price lower or higher than the market value in other to allocate profit for tax or other purposes. Transfer pricing can deprive governments of their fair share of taxes as well as expose corporate entities to possible double taxation. To combat these