REPORTING AND COMPLIANCE REQUIREMENTS UNDER THE NIGERIAN INCOME TAX (TRANSFER PRICING) REGULATIONS 2012

Abstract

Nigeria on the 2nd of August 2012 introduced the Income Tax (Transfer Pricing) Regulation No. 1 of 2012. The objective of these regulations are to ensure that Nigeria is able to tax on an appropriate taxable basis corresponding to the economic activities deployed by taxable persons in Nigeria, including in their transactions and dealings with associated enterprises. This article examines the reporting and compliance requirements of the regulations and seeks to elucidate the provisions as it would affect multinational companies and others doing business in the country.