Federal Government releases 2016 Fiscal Policy Measures

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.

The Income Tax (Transfer Pricing) Regulations, 2018 – Is this a game changer?

With the release of the Income Tax (Transfer Pricing) Regulations, 2018 (“2018 TP Regulations”) on 27 August 2018, Nigeria took yet another very bold step in its quest towards adopting and implementing recent international multilateral initiatives. These initiatives, aimed at enhancing tax disclosure rules and tackling tax evasion, arose from the Base Erosion and Profit Shifting (“BEPS”) program.

Nigeria releases revised transfer pricing regulation

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, has updated the Income Tax (Transfer Pricing) Regulations, 2012 (Old Regulations). The revised Transfer Pricing (TP) Regulations (the Revised Regulations) came into effect from March 2018 and the updates are first to be made to the TP Regulations in Nigeria since its introduction in 2012.

Cost Contribution Arrangements (“CCAs”)

Managing conflicts between domestic laws and adopted international tax guidelines and best practices in Nigeria The last six years have witnessed significant efforts by Nigeria to align its domestic tax laws and regulations with international initiatives on modernization of its tax principles and enhancement of transparency and disclosure requirements. These efforts included the introduction of Income Tax (Transfer Pricing) Regulations No.1 in August 2012 (“TP Regulations”), which adopted international best practices for determining the arm’s length/market value of transactions between related parties. Nigeria has also been participating in global initiatives aimed at tackling tax evasion and tax revenue leakages.

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The OECD releases 2017 Revised Transfer Pricing Guidelines

The Organisation for Economic Cooperation and Development (OECD), on 10 July 2017, released the revised edition of the Transfer Pricing (TP) Guidelines for Multinational Enterprises and Tax Administrations.

FIRS releases new Transfer Pricing Forms

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.