As we count down to the end of 2018 with excitement, the taxman is also counting down and may be excited for a different reason. To avoid being caught napping, please pay attention to the following transfer pricing deadlines which fall due by 31 December 2018 and act now:
- Filing of all outstanding TP returns for 2013 to date (i.e. TP disclosure and TP declaration forms)
- Preparation of TP documentation for 2013 to date
- All members of Nigerian and foreign groups that meet the country-by-country reporting threshold (and have 31 December group accounting year-end date) are to notify the FIRS of the identity and tax residence of the group member making the CbCR disclosure on behalf of the group.
Failure to comply with (1) and (2) above will attract a minimum penalty of ₦10 million per annum, for each act of non-compliance while failure to comply with (3) attracts a penalty of ₦5 million in the first instance and ₦10,000 for every day of default.
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.