The Nigerian government recently ratified the Convention on Mutual Administrative Assistance in Tax Matters, an initiative of the Organisation for Economic Cooperation and Development ("OECD"). The Convention is designed to facilitate exchange of information on tax matters between the tax jurisdictions of the signatory countries. Nigeria signed the Convention in 2013 and ratified it in April 2015.
The ratification of the Convention is a significant step in the administration of taxes in Nigeria. This is likely to give the Federal Inland Revenue Service ("FIRS") new lines of enquiry about the tax affairs of multinational companies operating in Nigeria. It also means that the FIRS must surrender itself for peer review and must meet a minimum standard of tax administration by global benchmark.
See our alert below for further insight on the subject.
Download Nigeria & OECD Convention on Mutual Administrative Assistance
Also available is our tax calendar for June 2015 for your use:
Download Tax Calendar_June 2015
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