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ARTICLE · 05 SEPTEMBER 2018

Global Expansion Updates August 2018

We are pleased to present the August issue of SKP Global Updates – our newsletter that covers employment, payroll, Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate tax related developments globally.

GlobalTax

AFRICA

Nigeria

Transfer Pricing Update

Given below are the summary points on the transfer pricing changes in Nigeria:

  • Revision of the transfer pricing regulations - The new regulations will contain additional provisions for intra-group services, intangibles, allocation of risks, administrative penalties, and documentation requirements.
  • Implementation of Country-by-Country Reporting (CbCR) Rules – The government has recently released the CbCR Regulations, 2018 and Multinational Enterprises (MNEs) with accounting year from or after 1 January 2018 will be required to comply with CbCR.
  • Automatic Exchange of Information (AEOI) - Federal Inland Revenue Service (FIRS) is under process to draft AEOI rules to be put in place to align to Action 13 of the BEPS.

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