Share on LinkedInShare on LinkedIn

ARTICLE · 23 MARCH 2022

Transfer Pricing Awareness Survey

KPMG in Nigeria
Explore more from KPMG in Nigeria

In 2021, the Nigerian transfer pricing (TP) space witnessed significant changes which are expected to have far-reaching effects on tax compliance for both local and multinational enterprises.

NigeriaTax
Wole Obayomi
Wole Obayomi

Foreward

In 2021, the Nigerian transfer pricing (TP) space witnessed significant changes which are expected to have far-reaching effects on tax compliance for both local and multinational enterprises. These changes include the strict implementation of the electronic filing system, issuance of guidelines for shared service arrangements among banks and other financial institutions by the Central Bank of Nigeria (CBN), among others. At the same time, taxpayers are still experiencing the lingering economic effect of the coronavirus pandemic which poses a peculiar threat to the application of the arm's length principle.

In light of the foregoing, taxpayers must stay updated on the TP requirements in order to achieve full compliance and avoid the stiff administrative penalties that come with non-compliance.

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

View source

Related Articles

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

Read more about

Related Comparative Guides

See more popular content from

Article

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
NigeriaTax
Adeola Oyinlade & Co
Adeola Oyinlade & Co
Article

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.
NigeriaTax
Tope Adebayo LP
Tope Adebayo LP
Article

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?
NigeriaTax
Streamsowers & Köhn
Streamsowers & Köhn
Article

Nigeria New Tax Reform Laws: The Unfinished Business

One of the objectives of the new tax laws is to ‘optimize fiscal revenue’. It is expected that the implementation of the laws will double tax-to-GDP ratio in the short run. This is by widening the tax net while providing incentives to already-compliant taxpayers to pay more tax. The tax laws also increase the power of the tax authorities to have access to hitherto private banking records to discourage tax evasion.
NigeriaTax
KPMG in Nigeria
KPMG in Nigeria