A Multilateral Competent Authority Agreement (MCAA) has been signed by Nigeria for executing the exchange of country-by-country (CbC) reports. This reports will include summary of income earned and tax paid, and the number of employees positioned by MNEs through the different jurisdictions of operation during tax reporting period. The Nigerian tax authorities will be able to use the CbC reports to do certain transfer pricing, base erosion and profit shifting (BEPS)-related risk analysis, and other economic and statistical analyses. Companies will be required to submit CbC reports in 2017 regarding “controlled transactions” conducting during the 2016 financial year.