Federal Inland Revenue Service (FIRS) has released, via a public notice, a standard notification form to be used by multinational entities (MNEs) in providing Country-by-Country (CbC) notifications. The requirement to file CbC notifications is in line with Regulation 6 of the Income Tax (Country by Country Reporting) Regulations 2018 (the Regulations).
As part of the compliance requirements in the Regulations, all companies who are members of qualifying MNEs are required to submit a notification to FIRS on or before the last day of the MNE's reporting year. In submitting such notification, a company is required to indicate if it is the Ultimate Parent Company or Surrogate Parent Entity. It should also include the identity and tax jurisdiction of the entity that will file its group's CbC Report.
All CbC notifications should be addressed to FIRS' International Tax Department located in Ikoyi, Lagos.
For details on the Regulations and obligations of taxpayers, please refer to our publication issued earlier this year.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.