Recently, the Federal Inland Revenue Service issued the Income Tax (Transfer Pricing) Regulations, 2018, which replaced the Income Tax (Transfer Pricing) Regulations, 2012.

Federal Inland Revenue Service (FIRS), on 21 February 2019, issued guidelines setting out steps that taxpayers must follow for initiating Mutual Agreement Procedure (MAP).

The Tax Appeal Tribunal passed a judgement in a case between Nigeria Agip Oil Company Limited and FIRS regarding the deductibility of interests on intercompany loans.

The end of the year typically signals a winding down of activities by most firms. However December 2018 saw an unprecedented flurry of activities by Nigerian taxpayers to meet the 31 December deadline

In July 2017, the Andersen name debuted in Africa when Andersen Tax launched in Lagos and Abuja in Nigeria. Today, as we celebrate our two-year anniversary

The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Transfer Pricing) Regulations, 2018.

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

In practice, FIRS may disallow capital allowances claimed on fixed assets if the appropriate CAFA has not been obtained from the Industrial Inspectorate Department.

On 19 February 2020, the TAT held that the ₦1.74 billion assessment issued by the FIRS to Prime Plastichem Nigeria Limited (PPNL)

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.

I vividly remember six years ago when I received a call from a former colleague that someone wanted to meet with me to discuss a business opportunity. At the time, I was an Associate...

The PN reiterates that the commencement date of the TP Regulations is 12 March 2018.

This is also applicable in Nigeria.

Intangibles are key sources of differentiation for businesses and typically, they help drive revenue, manage cost or both.

The Regulations provides a more detailed and clearer distinction between the different types of documents that the taxpayer must submit or keep.

In recent years, Nigeria has been developing its Transfer Pricing (TP) regime to align with international standards and combat tax evasion.

From an economic perspective, the COVID-19 global economic crisis has been viewed by many as the worst since World War II.

As the family business grows through various phases from its start-up to maturity, the need to keep proper records is the crux of its success…or failure.

Foreign companies are also known as non-resident entities, they can earn incomes in Nigeria through two ways, which shall be briefly discussed below.

The Federal Inland Revenue Service (FIRS) launched its electronic filing solution for Transfer Pricing (TP) returns called the E-TP PLAT 2.0 (the platform) in 2020.