The Federal Inland Revenue Service (FIRS) issued a public notice on September 17, 2018. This notice provides alert that income tax country-by-country (CbC) reporting regulations S.I. no. 6, 2018 entered into force with effective from January 1, 2018 and it applies for general public, particularly multinational enterprises (MNEs) operating in Nigeria.
Regulation S.I. no. 6 states that, a constituent entity of an MNE group that is tax-resident in Nigeria requires to notify about the service whether it is ultimate parent entity or not. But the notification must be done within last day of reporting accounting year of such MNE group. Again, a constituent entity of an MNE group that is resident of tax purposes in Nigeria needs to notify about the service of identity and tax residence of reporting entity. Note that, the notification requires to be done within the last day of reporting accounting year of such MNE group.
