In Nigeria, companies with related-party transactions may also have transfer pricing (TP) and country-by-country reporting (CbCR) responsibilities. These entities will file their TP and CbCR returns to the tax authority in the prescribed format. Thus far, the method of filing…
Recently, the Tax Appeal Tribunal affirmed that the additional liability of ₦1.74 billion on Prime Plastichem Nigeria Limited was legal. The decision in a transfer pricing dispute on 19 February 2020 between Prime Plastichem Nigeria Limited and FIRS (the Federal…
The Federal Inland Revenue Service (FIRS) has started to enforce compliance with the Income Tax (Country-by-Country Reporting) Regulations (2018) in Nigeria. Under the Country-by-Country Reporting (CbCR) Regulations, multinational enterprises (MNEs) should provide the total details of income, tax paid, and…
Here are four (4) facts on the latest public notice on Transfer Pricing (TP) regulations, 2018 issued by the Federal Inland Revenue Service on October 3, 2018. Is this the first TP regulation in Nigeria? Answer: No. The revised Income Tax…
What is transfer pricing? We can split the term “transfer pricing” into two parts; “transfer” and “pricing”. Transfer means to move an item from one place to another. Pricing is the total money estimated or agreed in exchange for an…
Federal Inland Revenue Service (FIRS) has revised the Transfer Pricing Regulations in Nigeria. First, the new scope of Transfer Pricing Regulations (TPR) includes related or associated transactions based on the provisions of Capital Gains Tax (CGT) Act and Value Added…
