The Federal Government has signed the Income Tax Regulations or Country-by-Country Reports (CbCR), 2018. The Regulations are part of the implementation plans under Action 13 of OECD’s Base Erosion and Profit Shifting (BEPS) project. This is also a follow-up to Nigeria’s signing of the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of CbC reports.
This CbCR Regulations give instructions to multinational enterprises (MNEs) on how they fulfill their reporting responsibilities to Federal Inland Revenue Service (FIRS) along with their group income, taxes paid, and other indicators of their group economic activity. These information will allow FIRS perform high-level transfer pricing risk assessment and also evaluate other BEPS related risks.
