There is no doubt that the last few years, 2018 in particular,
witnessed significant developments in the Nigerian Transfer Pricing
(TP) space including the introduction of various TP Regulations and
Guidelines. Going into 2020, TP compliance was expected to be a
major focus area for taxpayers, with TP being one of the high-risk
tax areas facing Group companies in Nigeria.
However, 2020 has witnessed significant developments such as the
Coronavirus (COVID-19) pandemic, which has affected the global
economy, individual businesses and ultimately Related Party
Transactions (RPTs).
While Nigerian companies have been managing the effects of these
global developments, alongside the various TP obligations, there
have been some significant TP developments in Nigeria. This article
reviews the developments in the Nigerian TP space in 2020 and the
potential implications for taxpayers.
