Answer ... 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.
Answer ... 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.
Answer ... The Income Tax (Transfer Pricing) Regulations 2018 include specific requirements on anti-avoidance. Nigeria has no specific thin capitalisation or controlled foreign corporation rules.
Answer ... Yes, rulings can be obtained from the Federal Inland Revenue Service.
Answer ... Yes, the Income Tax (Transfer Pricing) Regulations 2018.
Answer ... Yes, the statutory limit is six years from the relevant tax year. This applies to assessments for income tax and capital gains tax.