Global Tax Alert (News from Transfer Pricing) | 19 April 2017

Nigerian Tax Authority releases updated transfer pricing forms for 2017

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Nigeria’s Federal Inland Revenue Service (the FIRS) recently released updated transfer pricing (TP) forms (TP Declaration and Disclosure forms). All related taxable persons (taxpayers) in Nigeria are required to submit their TP returns using these updated TP forms effective from 1 January 2017.

The updated TP forms require more disclosures from taxpayers and clarify certain issues encountered in completing the old forms.

Some of the key updates include disclosures on foreign tax identification numbers of taxpayers, the definition of low tax jurisdiction, values of income received and costs incurred in relation to related and independent sources, names and jurisdictions of contracting parties to related party transactions.

It is expected that the updates will assist the TP division of the FIRS to obtain adequate and appropriate information required to perform effective risk assessments on taxpayers and their related party transactions.

The FIRS has also stated in the form that a taxpayer may submit the completed form with all attachments (audited financial statements, tax computations and self-assessment forms) at the tax office where the taxpayer’s file is maintained or directly to the TP Division, 3rd Floor, 17B Awolowo Road, Ikoyi, Lagos.

Failure to submit this form by the due date for filing the annual tax return attracts the penalty for late income tax returns as prescribed in the relevant tax laws.

The updated forms are available for download from the FIRS website.

For additional information with respect to this Alert, please contact the following:

Ernst & Young Nigeria, Lagos
  • Abass Adeniji
    +234 811 209 3008
    abass.adeniji@ng.ey.com
  • Akinbiyi Abudu
    +234 811 209 3005
    akinbiyi.abudu@ng.ey.com
  • Temitope Samagbeyi
    +234 815 088 5000
    temitope.samagbeyi@ng.ey.com
  • Chinyere Ike
    +234 811 209 2977
    chinyere.ike@ng.ey.com
  • Ogochukwu Isiadinso
    +234 811 209 3503
    ogochukwu.isiadinso@ng.ey.com
  • Temitope Oni
    +234 811 394 4833
    temitope.oni@ng.ey.com
  • Chinweoke Erobu
    +234 811 209 3161
    chinwe.erobu@ng.ey.com
Ernst & Young Advisory Services (Pty) Ltd., Africa ITS Leader, Johannesburg
  • Justin Liebenberg
    +27 11 772 3907
    justin.liebenberg@za.ey.com
Ernst & Young LLP (United Kingdom), Pan African Tax Desk, London
  • Leon Steenkamp
    +44 20 7951 1976
    lsteenkamp@uk.ey.com
  • Byron Thomas
    +44 20 7951 4144
    bthomas4@uk.ey.com
  • Gonçalo Dorotea Cevada
    +44 20 7951 2162
    gcevada@uk.ey.com
Ernst & Young LLP, Pan African Tax Desk, New York
  • Silke Mattern
    +1 212 360 9707
    silke.mattern@ey.com
  • Dele A. Olaogun
    +1 212 773 2546
    dele.olaogun@ey.com
  • Jacob Shipalane
    +1 212 773 2587
    jacob.shipalane1@ey.com
Ernst & Young LLP, Pan African Tax Desk, Houston
  • Elvis Ngwa
    +1 713 750 5941
    elvis.ngwa@ey.com

EYG no. 01493-171Gbl