The Federal Inland Revenue Service (FIRS) has released the Guidelines on Advance Pricing Agreements (APA Guidelines) which will take effect from 1 January 2025.
This is a positive development for eligible taxpayers who may be interested in getting certainty on the Transfer Pricing treatment of their intercompany transactions in advance of undertaking the transactions. This APA can help to avoid costly and time-consuming disputes with the FIRS.
Please read our Tax Alert which provides the key highlights of the APA Guidelines and the APA Guidelines from the FIRS below: