Nigeria has formally released the Income Tax (Country-by-Country Reporting) Regulations, 2018. This follows Nigeria's signing of the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country Reports (CbCRs) in January 2016 and subsequent ratification in August 2016.

Groups headquartered in Nigeria will be required to prepare and file a CbCR with the FIRS annually.

Other relevant provisions

  • Effective date: accounting years beginning on or after 1 January 2018;
  • Threshold and Exemptions: groups with consolidated revenue less than ₦160 billion (USD444m) in the previous reporting period are exempted;
  • Filing deadlines: no later than 12 months after the last day of the MNE group's accounting year end;
  • Notification deadline – Affected entities must make an appropriate notification to the FIRS no later than the last day of the group's accounting year end.

Read our alert for more. PwC Tax Alert 

Download a copy of the CbCR Regulations 

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