The Federal Inland Revenue Service (FIRS), on 9 January 2014 wrote to a select number of tax consultants.

It is no news that transfer pricing is now an area that requires keen attention and the need for robust transfer pricing documentation cannot be overemphasized.

On 19 February 2020, the Tax Appeal Tribunal (TAT or Tribunal), in the case between Prime Plastichem Nigeria Limited (Prime Plastichem or the Company) v Federal Inland Revenue Service

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...

Section 30(1)(b) of CITA grants FIRS a discretion to assess foreign companies to tax on a fair and reasonable percentage of their turnover where it appears to FIRS that the company either has no assessable profits or ...

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...

Following the drop in global crude oil prices and the economic shutdown caused by the COVID-19 pandemic, economies across the globe have been significantly impacted, ...

Following the introduction of Nigeria's Country-by-Country (CbC) Reporting Regulations on 19 June 2018, the Federal Inland Revenue Service (FIRS) today released the detailed Guidelines...

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

In many developing countries, a major challenge which occurs in related-party transactions is transfer pricing. A transfer price can be defined as the price at which related parties...

In this second part of our overview of current transfer pricing regulations on the African continent, we focus on relevant provisions in, amongst others, Ghana, Nigeria and Uganda.

The Transfer Pricing (TP) returns filing deadline has passed for most Nigerian Taxpayers. The Federal Inland Revenue Service (FIRS) therefore has financial information about taxpayer's Related Party Transactions...

The 2022 fiscal year was no exception as there were notable developments in the Nigerian TP environment during the year, which will impact 2023.

The 2018 fiscal year witnessed an increased tax activism by the revenue authorities and the Ministry of Finance. These events clearly demonstrated the government's intention to widen the tax net and raise additional revenue.

Globalisation and Technological Advancements are encouraging more Nigerian Businesses to diversify their spheres of businesses, into other countries; especially West and South African countries.

The Federal Inland Revenue Service (FIRS) has released guidelines to provide clarity regarding the nature and extent of inquiries related to desk examinations, tax audits, tax investigation...

Transfer pricing, commonly referred to as TP, is a term used to describe all aspects of intercompany pricing arrangements between related business entities, including transfers of tangible goods, services, intellectual property and financing transactions.

The history of Transfer Pricing (TP) in Nigeria dates back to 2012 when the first Income Tax (Transfer Pricing) Regulations No. 1, 2012 was gazetted.

GlaxoSmithKline (GSK) recently announced a formal exit from Nigeria, which generated a lot of emotions in the country. It was seen by many as a fall out of how the economy...