On 17 December 2019, the Federal Inland Revenue Service (FIRS) issued a Public Notice notifying all taxpayers (individuals, partnerships, enterprises, corporate organisations, ministries, departments and agencies)

The Federal Inland Revenue Service (FIRS), in a bid to implement some of the key recommendations of the Organisation for Economic Co-operation and Development's (OECD) Base Erosion...

On 10 July 2017, the Organisation for Economic Co-operation and Development (OECD) released the latest edition of its Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.

With the growing digitalization of businesses, it is becoming increasingly evident that the existing international rules that allocate taxing rights among countries are largely ineffective.

The Nigerian tax landscape has continued to witness significant changes, with the most recent being the presidential assent to the Finance Bill 2019 (now Finance Act) on 13 January 2020.

Despite the significant progress made in the implementation and development of TP regimes in Africa, there are still some challenges being faced by tax payers and authorities.

It is therefore important that taxpayers are prepared and equipped to effectively manage the TP audit process.

On 24 August 2020, the Central Bank of Nigeria issued a notice directing authorised dealers against issuing Form Ms for imports, where payments are not made directly to the ultimate supplier.

On 18 November 2020, the CBN, issued a follow up circular further to its earlier notice of 24 August 2020, which directed authorised dealers against issuing Form Ms for imports where payments were not made directly to the ultimate supplier.

On 26th May 2021, the Central Bank of Nigeria (CBN) issued a Circular informing banks and other financial institutions of its issuance of Guidelines on the operations...

One of the key objectives of the Income Tax (Transfer Pricing) Regulations, 2018 (NTPR) as captured in regulation 2(e) is to provide taxable persons with certainty of transfer pricing treatment

The four bills, which form the backbone of Nigeria's ongoing tax reform efforts, have been passed by the House of Representatives and are awaiting passage by the Senate.

The Nigeria Transfer Pricing Regulations (NTPR) 2018 includes various compliance obligations for taxpayers, one of which is the filing of annual statutory Transfer Pricing (TP)...

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.

The transfer pricing cases in Nigeria and some parts of the world illustrate how important it is for taxpayers to properly assess and select the most appropriate transfer pricing method.

As Nigeria continues to navigate the complexities of international taxation, Small and Medium Enterprises (SMEs) are finding themselves at the crossroads.

As the 30 June Transfer Pricing (TP) returns filing deadline approaches, taxpayers and consultants are occupied with ensuring that their Related Party Transactions (RPTs) are well-documented...

In 2017, the Federal Inland Revenue Service (FIRS) announced the introduction of six (6) new electronic services.

The TP regime officially began in Nigeria with the release and implementation of the Income Tax Regulations No. 1, 2012.

One of the highly contentious areas during a Transfer Pricing (TP) audit is the characterisation of related entities based on the functions performed, assets utilised and risks assumed...