Nigeria’s Federal Inland Revenue Service (FIRS) has published a transfer pricing declaration and disclosure form for executing the transfer pricing regulations issued in 2012 and has established a tax office within the tax administration particularly to notify transfer pricing matters.
According to the rules regarding transfer pricing in Nigeria, taxpayers with related-party transactions should finish and file a transfer pricing declaration and a disclosure form along with their annual income tax returns. The declaration form needs taxpayers to publish information regarding the parent corporation and the taxpayer’s directors and the disclosure form requires taxpayers to provide information about the performance of the Nigerian taxpayer in relation to that of the entire group to which it stays and to publish information on goods and services provided for no consideration (containing interest-free loans) to related parties.
