Read my article in today's Guardian Newspaper to get a simplified perspective of the impending TP rules for Nigeria
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18 June 2012
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@Agueda - thanks for your comment.
Posted by: Taiwo | 15 October 2012 at 09:29 PM
Great information on Transfer pricing regulations for Nigeria - what to expect... It is without doubt among
the most reliable that I’ve read through in a very long
time. I’ve been looking for this info..
Posted by: Agueda | 18 August 2012 at 03:47 AM
@Ellie - Yes there is no inheritance tax in Nigeria.
Posted by: Taiwo | 01 July 2012 at 06:38 PM
Good write-up. Glad to hear that the FIRS is launching a TP regulation. However, I will advise that they tread with caution. Hopefully, it is not "copy and paste" from some of the legislations abroad, but adapted the legislation to our local circumstance, considered the over-all government strategic objectives etc For instance, the TP legislation in the UK has evolved over several decades starting about 1915. Many mistakes were made, lessons were learnt, with various fine-tuning. Even then, it is still not there yet. There are still a few loopholes, plus a couple of exemption clauses to cater for varying scenarios. There are practical difficulties in many cases in establishing prices, pricing mechanisms and fair value markets. Also, FIRS staff need to be continuously trained and measures should be put in place to prevent abuse of these powers, since the application is mostly at the discretion of the FIRS.
Posted by: Matthew Oreunomhe Johnson ACA, ACCA | 21 June 2012 at 12:59 AM
I am still waiting to hear the honest truth in regards to Nigeria NOT charging tax on inheritances!! IS THIS TRUE OR NOT????????
This was posted on a Global Site!!
Posted by: Ellie | 19 June 2012 at 03:19 PM