This article investigates, in the form of a case study, the transfer pricing system of a multinational enterprise, considering the management control role in an international context where compliance with tax regulations is required. The analysis reveals that organizational structure, degree of decentralization and type of responsibility centres all impact the effectiveness of a transfer pricing system. Based on the case observations and a review of related literature, it is possible to draw a more general framework on transfer pricing in the context of cross-border transactions.