Nigeria – Authorities highlights tax revenue collection

09 December, 2013

It has reported that Nigeria’s state internal revenue authorities are to be more invasive in current trading with taxpayers. For example, the tax authorities have issued “Letters of Intention to Obtain Warrant of Distrain” before the closing

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Nigeria – New TP forms and established tax office

08 December, 2013

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

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Kenya-Nigeria:Signed tax treaty

19 September, 2013

Kenya and Nigeria has signed a tax treaty on September 6, 2013. No further details are currently

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Nigeria: Treatment of recharges paid to local subsidiaries

10 September, 2013

The Tribunal of Nigeria’s Tax Appeal has issued decisions on August 26, 2013 regarding two non-resident taxpayers. The issue was if in Nigeria their taxable turnover could be determined by cutting amounts that they give payment to Nigerian

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Nigeria: Tax implications guidance of adopting IFRS

10 September, 2013

The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime. In 2010, The Nigerian

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Nigeria: Installment payments against lump-sum tax payment

08 September, 2013

Nigeria’s tax authority has published in a local newspaper a request to taxpayers to submit their tax return for 2013 on August 12, 2013 and it focused on the rules for companies to file returns and fix obligations of their income tax, and the

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Nigeria: Tax implications for adopting IFRS

28 July, 2013

Under the IFRS regime, the circular proposes clarifications as to how specific assets, expenses, and income will be acted for tax motives. It also highlights the position of Nigerian tax authority on other issues, like the tax treatment of costing

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Nigeria introduced new TP regulations

06 January, 2013

Nigeria has announced new Transfer Pricing Regulations on October 22, 2012. This will be applicable retroactively to August 2, 2012. The TP Regulations provide that all transactions between connected parties should be at arm’s length. Taxpayers

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