FIRS issues public notice on the local filing of Country by Country report
The Federal Inland Revenue Service (FIRS) has released a public notice (the Notice), notifying Nigerian branches and subsidiaries of Multinational Enterprises (MNEs) of suspension of the implementation of the local filing requirement of Country by Country (CbC) reports, until further notice.
Reminder to file Country-By-Country Reporting Notification
The CbCR Regulations include reporting and notification obligations for companies that are members of multinational entities (MNEs) with a group consolidated revenue of at least ₦160,000,000,000 in the preceding accounting year.
An overview of Nigeria’s 2018 Income Tax (Country by Country Reporting) Regulations
Background The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Country by Country Reporting) Regulations, 2018 (“CbCR Regulations” or “the Regulations”), which marks yet another significant step by Federal Government of Nigeria in its quest to align the Nigerian tax system with outcomes of ongoing international tax reforms.