The Federal Inland Revenue Service (FIRS) has published the guidelines of Country by Country (CbC) Reporting Regulations on July 3, 2018. These Guidelines are issued to provide guidance to the general public and in particular, Multinational Enterprises (MNEs) operating in Nigeria, all taxpayers, taxpayers’ representatives or advisers and staff of the Service on the procedure for the completion and filing the Country by Country (CbC) Reports. The key summary of these guidance are given below:
- Definitions of reporting entity, ultimate parent entity and constituent entity
- Methods of preparing the CbC reporting template
- This guidelines also emphasizes on the suitable use of the information contained in the CbC report as set within the regulations.
- Again, this contains a yearly CbC notification form. This form is to be used by MNEs in complying with the notification requirements within the regulations and the form is to be filled and submitted annually.
