The Federal Inland Revenue Service on 3 October 2018 issued a notice alerting taxpayers that they have until 31 December 2018 to satisfy all pending obligations relating to the filing of transfer pricing returns and for submitting transfer pricing documentation. Taxpayers will be subject to penalties for failing to meet this deadline.
Under the March 2018 transfer pricing regulations, it appears that a company with a 31 December year-end would only be subject to the regulatory provisions beginning 1 January 2019. Therefore, tax professionals believe it could be premature for the regulations to be applied and enforced against such taxpayers. There are expectations that the tax agency will revisit its position in this regard.
Read an October 2018 report [PDF 122 KB] prepared by the KPMG member firm in Nigeria
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