Nigeria: Transfer pricing outlook for 2022
Tax professionals expect even more focus on transfer pricing in 2022
Tax professionals expect even more focus on transfer pricing in 2022
Tax professionals have observed that during 2021, the Federal Inland Revenue Service (FIRS) was more aggressive in conducting transfer pricing audits and adopting a pragmatic approach to resolving issues raised during audit exercises.
Tax professionals expect even more focus on transfer pricing in 2022.
Further, the federal government’s rejection of the Organisation for Economic Cooperation and Development (OECD)’s two-pillar solution for taxation of the digital economy implies that the FIRS will continue to determine the taxation of businesses with a taxable presence in Nigeria based on Nigeria’s tax laws. In turn, this can be expected to result in additional transfer pricing audits for multinational enterprises during the year.
Read a February 2022 report [PDF 7.6 MB] prepared by the KPMG member firm in Nigeria
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