Transfer Pricing Division will be accountable for the implementation and administration of the Income Tax Transfer Pricing Regulations No.1 2012 (TP Regulations) and it has build by the Nigeria’s Federal Inland Revenue Service (FIRS). The TP Regulations give a structure to confirm whether related party transactions follow the arm’s length principle.
The FIRS has recently released an updated version of the TP Declaration Form that was previously released as a TP Regulations schedule. These two forms are important for the disclosure and declaration of related party transactions those are explained within the Nigerian TP Regulations. In line with the TP Regulations and unofficially confirmed by the FIRS, companies need to file both the TP Declaration Form and the TP Disclosure form along with their annual tax returns.
