The income tax (Country by Country Reporting) Regulations 2018 administers the Country by Country Reporting in Nigeria. The measure is adopted to provide tax authorities with financial information about Multinational Enterprises (MNE) global operations, profits and taxes. It is aimed to have a better assessment of international tax avoidance risk and improve transparency of multinational enterprises on tax matters.
The regulation mandated obligations of filing returns by the ultimate parent entity or an appointed surrogate parent entity in the prescribed format provided by the Federal Inland Revenue Service (FIRS) guideline and entities must comply.
Goldwyns is able to assist in the compilation of the Country by Country Report to the Tax Authorities and proactively validating the report with the consolidated financial statements prepared by the ultimate parent company. This entails rigorous and proactive engagement with the Headquarters of the parent company with a view to ensuring that reported transactions match and that related party transactions are comprehensively identified, matched and effectively reported in the TP annual returns as well as ensuring that transfer pricing policies are fully complied with across all reports.