The FIRS has issued a Public Notice informing all taxpayers, especially non resident companies carrying on business in Nigeria, to submit full income tax returns as required by law. The returns must include detailed tax computations and capital allowances in addition to audited financial statements. According to the Notice, the turnover (deemed profit) basis of assessment can only be used at the discretion of the FIRS.
Non-resident companies that have not filed full tax returns in the past are to comply as from 2015 year of assessment (financial year 2014). This is a departure from the earlier indication by the FIRS Transfer Pricing Department that the directive would take effect from 2014 year of assessment (financial year 2013).
Below is a copy of the Notice for your information.