Nigeria has experienced a significant uptick in inflation which surged to a three-decade high of 33.95%, according to the latest data from the Nigerian Bureau of Statistics (NBS). Food inflation rose to 40.66%, while core inflation reached 27.04%. Inflation in May 2024 was largely driven by the increase in food and beverages coupled with energy and housing costs.
The persistent upward trend in inflation underscores the intricate interplay of various economic factors including fiscal policies, monetary policies, exchange rates, and international trade dynamics.
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Tasking, time consuming, tedious, these are some of the adjectives that a taxpayer may use to describe the experience with the Transfer Pricing (TP) audit process in Africa. Transfer Pricing audits have become a crucial aspect of ensuring that Multinational Enterprises (MNEs) pay appropriate taxes in all jurisdictions of incorporation.
Several African countries have taken a front seat in this regard, hence a view into the Nigerian and South African TP audit process will provide valuable insights into the approach of TP audits in complex, aggressive, and diversified tax jurisdictions such as Nigeria and South Africa.
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