Global

Details

  • Service: Tax, Global Transfer Pricing Services, International Tax
  • Type: Regulatory update
  • Date: 3/11/2014

Nigeria - Companies requested to submit group’s transfer pricing documentation 

March 11:  The transfer pricing division of Nigeria’s Federal Inland Revenue Service has requested companies submit copies of their group’s transfer pricing documentation.

Because this request does not establish a deadline for complying with this documentation request, it suggests that companies may comply and submit their group’s transfer pricing documentation as soon as possible, but no later than the date for filing their 2014 tax returns.


While the transfer pricing regulations do not prescribe any penalty for a failure to submit the group transfer pricing documentation, noncompliance may trigger a tax audit during which the company could be compelled to comply with this documentation request.


Read a 2014 report [PDF 108 KB] prepared by the KPMG member firm in Nigeria: Federal Inland Revenue Services Requests Companies to Submit Transfer Pricing Documentation



Contact a tax professional with KPMG's Global Transfer Pricing Services.




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