On 5 October 2015, the Organisation for Economic Cooperation and Development (OECD) released its final Base Erosion and Profit Shifting (BEPS) package containing measures that will significantly change existing international tax rules. The report is the result of a 2-year work and extensive consultations with a broad range of stakeholders including Nigeria that participated in the OECD Committee on Fiscal Affairs.
The report provides guidelines for minimum standards which participating countries have agreed to put in place to tackle BEPS. The report also includes changes to the OECD's Transfer Pricing Guidelines as well as some recommendations on "best practice" policies to prevent and tackle BEPS. It is expected that different countries will begin to take steps to implement the BEPS recommendations through changes to existing legislation. Although Nigeria is not a member of the OECD, the BEPS documents will have an impact on the country's tax regime. For instance, changes to the OECD TP Guidelines will automatically become applicable as contained in the Nigerian TP Regulations.
Read more here and join us for further discussion at our tax academy on Tuesday 20 October at Oriental Hotel, Lekki.
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