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Nigeria introduced new TP regulations
Nigeria has announced new Transfer Pricing Regulations on October 22, 2012. This will be applicable retroactively to August 2, 2012. The TP Regulations provide that all transactions between connected...
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Nigeria: Tax implications for adopting IFRS
Under the IFRS regime, the circular proposes clarifications as to how specific assets, expenses, and income will be acted for tax motives. It also highlights the position of Nigerian tax authority on...
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Nigeria: Installment payments against lump-sum tax payment
Nigeria’s tax authority has published in a local newspaper a request to taxpayers to submit their tax return for 2013 on August 12, 2013 and it focused on the rules for companies to file returns and...
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Nigeria: Tax implications guidance of adopting IFRS
The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current...
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Nigeria: Treatment of recharges paid to local subsidiaries
The Tribunal of Nigeria’s Tax Appeal has issued decisions on August 26, 2013 regarding two non-resident taxpayers. The issue was if in Nigeria their taxable turnover could be determined by cutting...
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Kenya-Nigeria:Signed tax treaty
Kenya and Nigeria has signed a tax treaty on September 6, 2013. No further details are currently available.
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Nigeria – New TP forms and established tax office
Nigeria’s Federal Inland Revenue Service (FIRS) has published a transfer pricing declaration and disclosure form for executing the transfer pricing regulations issued in 2012 and has established a tax...
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Nigeria – Authorities highlights tax revenue collection
It has reported that Nigeria’s state internal revenue authorities are to be more invasive in current trading with taxpayers. For example, the tax authorities have issued “Letters of Intention to Obtain...
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Nigeria establish TP Division and disclose TP forms
Transfer Pricing Division will be accountable for the implementation and administration of the Income Tax Transfer Pricing Regulations No.1 2012 (TP Regulations) and it has build by the Nigeria’s...
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Nigeria: High Court affirms taxpayer appeal and orders disbandment of Tax...
Nigeria’s Federal High Court (FHC) delivered a key judgment on 30 October 2013 in a suit between TSKJ Contruces Internationals Sociadade Unipessoal LDA (TSKJ) and the Federal Inland Revenue Service...
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Nigeria: Potential risks in transfer pricing regulations “safe harbor”
Regulation 15 of the Nigerian transfer pricing regulations provides for a transfer pricing safe harbor. A safe harbor is a statutory provision that relieves a given category of taxpayers or...
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Treaty between Philippines and Nigeria
The 1997 double taxation treaty between the Philippines and Nigeria entered into force on 18 August 2013 and applies as from 1 January 2014. A 12.5% maximum withholding tax applies to dividends paid to...
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Nigeria – Companies requested to submit group transfer pricing documentation
In Nigeria the tax authority FIRS is asking taxpayers to send in transfer pricing documentation for the group to which they belong. Although there is no specific deadline they should do so as soon as...
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Nigeria – verification exercise for VAT and WHT
The Nigerian tax authority the Federal Inland Revenue Service (FIRS) is to perform a verification exercise in respect of withholding tax and value added tax. The exercise which will continue from 12...
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Nigeria: Managing Transfer Pricing risks
The Nigerian transfer pricing rules are still relatively new, as detailed implementation of the transfer pricing law effectively began only with the release of the Transfer Pricing Regulations in 2012....
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Nigeria: Advance ruling in Tax authority not binding
The Nigerian company and the non-resident companies (a Portuguese company and a French company) signed a consortium contract with an international oil company, and that contract needed them to carry...
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Nigeria: New system regarding pension plan has enacted
The Legislation has signed into law that provides new measures for a contributory pension plan system in Nigeria. The new law naming “Pension Reform Act, 2014” repeals a 2004 law, and provides for a...
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Nigeria: Customs starts 35% tariff on imported vehicles
Based on the new fiscal policy on imported vehicles as instructed by the Federal Government, the Nigeria Customs Service (NCS) has commenced full accomplishment of the 70% tariff on imported vehicles....
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Deriving income tax by non-residents from contracts with Nigerian companies
The Federal High Court gave its decision in the case of Saipem Contracting Nigeria, Saipem (Portugal) Commercio Maritimo Su LDA and Saipem SA v. Federal Inland Revenue Services, Attorney General of the...
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Nigeria: Changes Income tax law for companies
According to section 55 of the income tax law for companies, the Federal Inland Revenue of Nigeria has declared a policy change and stated that non-resident companies will be required to file their...
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