There have been significant developments in the international tax and transfer pricing space since the publication of the Transfer Pricing (TP) Regulations in Nigeria.
In 2017, we conducted our first TP survey to gauge taxpayers’ awareness of TP compliance requirements, TP risk assessment and audit preparedness. This year, we are pleased to present the findings from the second edition of our survey. For this edition of the survey, we had 56 respondents, representing the major industry sectors.
Based on the feedback provided by the respondents, the level of awareness of the TP compliance requirements appears to have improved over the past year. Also, in light of the outcomes of the Base Erosion and Profit Shifting (BEPS) project and the increased experience of the Nigeria tax authorities with respect to TP, taxpayers are doing more to appropriately plan and manage their related party transactions. This is to avoid material additional tax liabilities in the event of a TP audit.
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