Transfer Pricing Audits: The need for taxpayers to proactively prepare
The Federal Government of Nigeria has recently intensified efforts to shore up non-oil revenue in a bid to ease budgetary pressures. Non-oil tax revenue seems to be one of the “low-hanging fruits” and consequently, the Federal Inland Revenue Service (FIRS) has a mandate to explore options available to optimise tax revenue (under its administration), with a key focus on Transfer Pricing (TP).
Outlook and impact of changes in Nigeria taxation landscape for 2020
There are fundamental changes in Nigeria’s tax landscape with far-reaching impact on the economy and business performance in 2020 and beyond.
Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties
The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax (CIT) and TP returns within six (6) months after their financial year-end (i.e., due date for filing).
FIRS issues public notice on implementation of the revised 2018 Transfer Pricing Regulations
Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Transfer Pricing) Regulations, 2018 (the 2018 TP Regulations), which replaced the Income Tax (Transfer Pricing) Regulations, 2012.