The Federal Inland Revenue Service (FIRS), in the exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, has updated the Income Tax (Transfer Pricing) Regulations, 2012 (Old Regulations). The revised Transfer Pricing (TP) Regulations (the Revised Regulations) came into effect from March 2018 and the updates are first to be made to the TP Regulations in Nigeria since its introduction in 2012.

The Regulations aim at increased compliance with the TP requirements and are in line with the TP Guidelines for Multinational Enterprises and Tax Administrations published by the Organisation for Economic Corporation and Development (OECD) in July 2017.

The main highlights of the changes in the revised TP Regulations are as follows:

Source: https://brandspurng.com/firs-releases-revised-transfer-pricing-regulation/