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Transfer Pricing (TP) audits are a key part of the activities of the tax authorities as audits afford them the opportunity to assess the level of taxpayers' compliance to extant TP laws and the arm's length principle.

Nigeria's transfer pricing (TP) landscape is steadily evolving to keep pace with the local business environment and global dynamics. However, despite previous regulatory revisions...

Tuesday last week, our Communications Manager wrote: "I want to draw your attention to the news item below on IMF's suggestion to African countries to boost tax collections.

The Companies and Allied Matters Act (CAMA) 2020 is the primary legislation for the formation of business entities [and non-business entities] and to a great extent, the operations of these business entities in Nigeria.

In this article, we have discussed the fraud early warning signs and the various possible ways companies can prevent it by putting the right internal control system in place.

The contributions of the oil and gas sector is integral to the economic growth and development of a country's economy.

The Insurance industry is a very important part of any economy as it generally acts as a shock absorber for businesses. Insurance is a key risk management tool which enables businesses hedge against the potential risk of a loss.

The Enabling Business Environment Secretariat, under the aegis of the Presidential Enabling Business Environment Council, recently organized a stakeholders meeting to sensitize the public...

The Federal Inland Revenue Service (FIRS) launched the electronic Transfer Pricing (TP) filing portal (e-TP platform or the platform) in March 2020 to promote the ease of filing...

The Federal Inland Revenue Service (FIRS or "the Service") has issued a Public Notice informing taxpayers of the termination of the reduced 7.5% withholding tax (WHT) rate...

This article highlights the individual taxpayer's obligations for filing tax return with the relevant tax authorities and other compliance requirements.

The Nigerian Finance Bill (the "Bill") which is to take effect in January 2023 is currently undergoing the legislative review and approval process at the house of representatives.

The Lagos State Internal Revenue Service (LIRS) recently issued a Notice (the "Notice") to employers in the State to file their annual tax returns for the 2024 financial year on or before 31st January 2025.

The Honourable Minister of Finance, Budget and National Planning ("the Minister") recently issued the Value Added Tax (Modification) Order, 2021 ("2021 Order"), which is effective from 30th July, 2021.

The Nigerian Export Promotion Council (NEPC or "the Council") on Monday, 16 May 2022 issued Circular No. EDM/EEG/ BASELINERATE/ 2013/ V.3/ 169, providing guidelines to all registered...

High net-worth individuals (HNIs) and business owners set up structures that they hope will ensure their assets and investments are held efficiently to guarantee optimal returns...

In this article, we have highlighted factors to consider in preparation for a transfer pricing audit.