<p>This paper utilizes detailed transaction-destination-level data from Finland for years 2013-2019 to examine how multinational enterprises adjust transfer prices to shift profit from high tax countries to low tax countries. Employing a triple difference strategy that leverages variations in corporate income tax rates and affiliate ownership, I provide robust evidence that multinational enterprises underprice exports to low tax destinations. Additionally, my findings suggest that transfer pricing serves as a complementary channel of profit shifting, as firms more prone to other profit shifting mechanisms also underprice their exports more. Furthermore, I provide evidence that firms with more affiliates as well as firms with tax haven affiliates transfer misprice more. My results also suggest asymmetries: while there is clear evidence of transfer mispricing in exports to low tax destinations, there is no consistent evidence of transfer mispricing in imports.</p>