Summary
The FIRS
has issued a Public Notice (PN) providing additional information on
its recently released Income Tax (Transfer Pricing) Regulations
2018 (TP Regulations). The FIRS also issued an Information Circular
No: 2018/03 (the Circular) with specific guidelines on TP
documentation requirements in Nigeria for the benefit of all
relevant stakeholders.
Details
Public Notice on the TP Regulations
The PN reiterates that the commencement date of the TP
Regulations is 12 March 2018. However, the FIRS will grant
taxpayers a grace period up to 31 December 2018 to enable them to
fulfil all outstanding TP obligations such as filing of TP returns
and submission of TP documentation etc. Nonetheless, the FIRS shall
commence full imposition of the administrative penalties contained
in the TP Regulations in the event of failure to regularize these
obligations at the expiry of the grace period.
