ARTICLE · 08 OCTOBER 2018

FIRS Issues Public Notice On New TP Regulations And Guidelines On TP Documentation

PwC Nigeria

Explore more from PwC Nigeria

Following the introduction of the Income Tax (Transfer Pricing) Regulations, 2018 ("TP Regulations") in August, the FIRS today (3 October 2018) ...

NigeriaTax

Author LinkedIn connections

Following the introduction of the Income Tax (Transfer Pricing) Regulations, 2018 ("TP Regulations") in August, the FIRS today (3 October 2018) issued a public notice to taxpayers and the general public on the Regulations. The public notice reaffirms that the Regulations are effective from 12 March 2018 and that non-compliance will attract the penalties contained in the relevant provisions of the Regulations.

The highlight of the notice is the fact that the FIRS has granted taxpayers up to 31 December 2018 to discharge all their outstanding obligations (i.e. file TP declarations, make disclosures of controlled transactions, submit TP Documentation etc.). Failure to do this by 31 December 2018 will attract the full penalties contained in the Regulations.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Deep Offshore Oil And Gas Projects Incentives (Tax Remission) Order, 2026: Nigeria Expands Fiscal Support For Deep Offshore Developments

Tope Adebayo LP

Nigeria's New Tax Regime: Do Dormant And Shelf Companies Have To File VAT And Annual Tax Returns?

Syntegral Legal Practice

Taxation Of Non-resident Individuals In Nigeria

GGI | Global Alliance

Nigeria Tax Reforms For Non-Residents: Expatriate & Foreign Company Guide

Adeola Oyinlade & Co

Power Of Substitution Pursuant To Section 60 Of The Nigeria Tax Administration ACT, 2025: Matters Arising

The Trusted Advisors

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Tax
- Transfer Pricing

Related Comparative Guides

Comparative Guide

Tax Disputes

Comparative Guide

Tax

See more popular content from

Tax

VAT Under Nigeria Tax Reforms Laws: Common Questions Answered

Months after its enactment in 2025, the Nigeria tax reform laws continue to generate significant public interest with many taxpayers still uncertain about how the changes affect them in practical terms.

How To Obtain A Tax Identification Number (Tin) For A Business In Nigeria

A Tax Identification Number (TIN) is a unique identifier assigned to businesses, individuals, and other entities for the purpose of tax administration. In Nigeria, obtaining a TIN is crucial for businesses to comply with their tax obligations.

Firmus Advisory

Nigeria Tax Reforms For Non-Residents: Expatriate & Foreign Company Guide

Nigeria's 2025 Tax Reform Acts introduce sweeping changes for non-residents, foreign investors, and expatriates operating in or deriving income from Nigeria. From expanded Permanent Establishment rules and Significant Economic Presence thresholds to mandatory VAT registration for offshore suppliers and Capital Gains Tax on indirect share transfers, the new framework fundamentally reshapes cross-border tax obligations. Understanding these provisions and taking proactive compliance steps is now essential for

Adeola Oyinlade & Co

Capital Gains Tax Under The Nigeria Tax Act 2025 – No Longer Business As Usual

The Nigeria Tax Act 2025 (NTA 2025), which came into effect on 1 January 2026, introduces a new framework for the taxation of capital gains in Nigeria.

KPMG in Nigeria

The Nigeria Tax Reform Act 2025 And How It Affects Businesses

On June 26, 2025, President Bola Ahmed Tinubu signed into law a historic package of tax reform legislation, marking the most comprehensive overhaul of Nigeria's fiscal architecture in decades.

Sobowale, Medidem & Bello

Firs Imposes 10% Withholding Tax On Interest From Short-Term Instruments

The Federal Inland Revenue Service (FIRS) has introduced a 10% Withholding Tax (WHT) on interest earned from short - term investments such as treasury bills...

Stren and Blan Partners

Updates To The Nigeria Tax Act (NTA), 2025

Following our initial newsletter on the Nigeria Tax Act, we note that some provisions in the harmonised version used to prepare the newsletter are different from the gazette which has now become publicly available.

KPMG in Nigeria

Nigeria’s New Crypto Tax Rules: What Virtual Asset Service Providers Need To Know, And The Legal Questions That Remain

Nigeria has introduced comprehensive tax guidelines for virtual assets, requiring VASPs to withhold taxes, collect stamp duties, and maintain detailed records. The new framework classifies crypto assets into six categories and imposes income tax, VAT, and stamp duty on various transactions, fundamentally changing compliance obligations for cryptocurrency platforms operating in Nigeria.

Tope Adebayo LP

Taxation Of Non-resident Individuals In Nigeria

Nigeria's new tax framework, effective January 1, 2026, introduces comprehensive regulations for non-resident individuals earning income from Nigerian sources. Understanding the criteria for non-resident status, tax obligations, registration requirements, and filing procedures is essential for expatriates and foreign workers operating in Nigeria's evolving tax landscape.

GGI | Global Alliance

Examination Of The Value Added Tax Provisions Under The Nigeria Tax Act, 2025

On June 26, 2025, President Bola Ahmed Tinubu signed four transformative tax bills into law, fundamentally reshaping Nigeria's taxation landscape. The Nigeria Tax Act, 2025 repealed principal taxation legislations, introducing a comprehensive new framework that affects companies and taxpayers across the country. What are the key provisions of this new tax regime and how will it impact businesses operating in Nigeria?

Streamsowers & Köhn