FIRS issues Nigeria’s Country-by-Country Reporting Regulations
The Federal Inland Revenue Service (FIRS) in exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, and all other powers enabling it, has issued the Income Tax (Country by Country Reporting) Regulations, 2018 (the CbCR Regulations). The CbCR Regulations take effect from 1 January 2018, and form part of the enhanced tax disclosure requirements set out by Action 13 of the Base Erosion and Profit Shifting (BEPS) project. The Regulations aim at providing tax authorities with improved information to enable them better assess international tax avoidance risks. Under the CbCR Regulations, where the Ultimate Parent Entity (UPE) or a Constituent Entity (CE) of a Multinational Enterprise Group (MNE Group) is tax resident in Nigeria, such Nigerian resident entity will be required to file a Country-by-Country Report (CbC Report) with FIRS for an accounting year where the Group has a…
FIRS releases new Transfer Pricing Forms
The Federal Inland Revenue Service (FIRS) has released updated Transfer Pricing (TP) Declaration and Disclosure Forms, which take effect from January 2017. The update by FIRS is aimed at improving disclosure and transparency by taxpayers in their TP Returns, as well as providing FIRS with better information for their use in conducting TP risk identification and assessment.