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.