The Nigerian government, through the Federal Inland Revenue Service (FIRS) joined the rest of the world by issuing its transfer pricing regulations known as the Income Tax (Transfer Pricing) Regulation No 1, 2012 with effect from August, 2012. Before these regulations were issued, the tax authorities relied on a rule-of-thumb approach in determining the arm’s length value of transactions. The regulations cover dealings between connected persons both locally and internationally and require related or connected entities to prove that transactions between them are at arm’s length.
To help our clients and prospective clients in achieving the TP compliance requirements by FIRS, we provide the following Transfer Pricing services:
- Transfer Pricing Planning
- Transfer Pricing Implementation and Monitoring
- Transfer Pricing Documentation and Compliance
- Filing of Transfer Pricing Returns
- Transfer Pricing Audit Management