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Transfer Pricing Country by Country Reporting

Transfer Pricing Country by Country Reporting

The Federal Inland Revenue Service (FIRS) published the Income Tax (Country-by-Country Reporting) Regulations, 2018 (CbCR Regulations) on Tuesday, 19 June 2018.

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KPMG in Nigeria

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The summary of the key provisions of the Regulations which became effective on 1 January 2018 are as follows:

1. Commencement date and filing deadline

Multinational Enterprises (MNE) Groups whose Ultimate Parent Entity (UPE) is tax resident in Nigeria are required to file CbCR with the FIRS annually. The basis period for the first CbCR is the new accounting year of the Group starting from or after 1 January 2018. The Reportis to be submitted not later than one year after the end of each accounting period to which the Report relates.

© 2018 KPMG Professional Services in Nigeria, a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.

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