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The Federal Inland Revenue Service (FIRS) has notified multinational enterprises(MNEs) operating in Nigeria on local filing provision of Income Tax regarding Country by Country Reporting Regulations 2018.
In the Public Notice issued during the week by its Executive Chairman, Mr. Muhammad Nami, the Service reminded the multinationals that the Income Tax (Country by Country) Regulations S.I No. 6 of 2018 ( “CbC Regulations”) was published in 2018 and thereafter entered into force.
Nami noted that the requirement to file CbC Reports forms part of the enhanced transfer pricing documentation set out in BEPS Action 13 report.
“Regulation 4 of the CbC Regulations provides that MNEs, not being the Ultimate Parent Entity, shall comply with local filing obligation ie by filing CbC reports to the Federal Inland Revenue Service (the “Service”), under the circumstances stated therein,” the chairman emphasized, stressing: “The Service hereby notifies branches and subsidiaries of Multinational Enterprises (MNEs) operating in Nigeria that the implementation of local filing requirements is suspended until further notice.”
Going further, he clarified that nothing in this notice shall preclude the multinational enterprises whose headquarters are located in Nigeria or surrogate parent entities from filing CbC reports as provided under the CbC Regulations.
“Furthermore, all relevant entities are required to continue to comply with all other obligations ( e.g. filing of notifications) under the CbC Regulations,” he informed, directing all enquiries on any aspect of the circular to the Office of the Executive Chairman, Federal Inland Revenue Service, Revenue House, Wuse Zone 5,Abuja or the Director, Tax Policy and Advisory Department, also of the same address. E-mail: enquiries@firs.gov.ng; Telephones: 09074444441, 09074444442, 09072111111, 09073777777./ SHARE THIS
- Tags: FIRS, Muhammad Nami