A transfer pricing declaration and disclosure form will be the first returns filed in compliance with Nigeria’s transfer pricing regulations if returns of taxpayers having a December 2014 accounting year-end. By filing these returns, Nigeria’s Federal Inland Revenue Service will have access to information about a taxpayer’s inner policy regarding the taxpayer’s related-party transactions. The following steps will be for the tax authority to think and perform a transfer pricing audit. Typically, a transfer pricing audit will follow initial information gathering, environmental assessment, and verification of fact, additional data collection, data processing, audit report, dispute resolution process, revised assessment and litigation. The transfer pricing audit will be different from typical tax audit. It is predicted that the contemporaneous transfer pricing documentation will give information regarding the taxpayer group and company, industry, and functional and economic analyses. Based on the request, the transfer pricing documentation must be filed to the Federal Inland Revenue Service on or before 21 days of the request.
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