Comparative Guides
Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.
Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.
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Results: 4 Answers
Corporate Tax
5.
Anti-avoidance
5.1
Are there anti-avoidance rules applicable to corporate taxpayers – if so, are these case law (jurisprudence) or statutory, or both?
 
Nigeria
Yes, anti-avoidance rules exist under the tax laws, such as:

  • Section 17 of the Personal Income Tax Act;
  • Section 22 of the Company Income Tax Act;
  • Section 15 of the Petroleum Profit Tax Act; and
  • Section 7 of the Capital Gains Tax Act.
For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
5.2
What are the main ‘general purpose’ anti-avoidance rules or regimes, based on either statute or cases?
 
Nigeria
The general purpose anti-avoidance rule provides that:

transactions shall be deemed to be artificial or fictitious between persons one of whom has control over the other or between persons both of whom are controlled by some other person which, in the opinion of the tax authority, have not been made on the terms which might fairly have been expected to have been made by independent persons engaged in the same or similar activities dealing with one another at arm’s length.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
5.3
What are the major anti-avoidance tax rules (eg, controlled foreign companies, transfer pricing (including thin capitalisation), anti-hybrid rules, limitations on losses or interest deductions)?
 
Nigeria
The Income Tax (Transfer Pricing) Regulations 2018 include specific requirements on anti-avoidance. Nigeria has no specific thin capitalisation or controlled foreign corporation rules.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
5.4
Is a ruling process available for specific corporate tax issues or desired domestic or cross-border tax treatments?
 
Nigeria
Yes, rulings can be obtained from the Federal Inland Revenue Service.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
5.5
Is there a transfer pricing regime?
 
Nigeria
Yes, the Income Tax (Transfer Pricing) Regulations 2018.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
5.6
Are there statutory limitation periods?
 
Nigeria
Yes, the statutory limit is six years from the relevant tax year. This applies to assessments for income tax and capital gains tax.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria