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.
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.
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
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.