The Federal Inland Revenue Service (“FIRS”) in exercise of its powers as provided in Section 61 of the Federal Inland Revenue Service Establishment Act (“FIRSEA”) recently released Nigeria’s Income Tax (Country by Country Reporting) Regulations. The enactment of the regulation is also in line with there commendation of the Base Erosion and Profit Shifting (BEPS) project which recommended that signatory countries develop local rules regarding Country by Country Reporting (“CbCR”) to enhance transparency in tax administration. This regulation will also give effect to the Country-by-Country Multilateral Competent Authority Agreement signed on 27 January 2016. The regulation whose objective is to seek information about the global activities of multinational enterprises (MNEs) requires that MNEs with tax presence in Nigeria file certain information about their global operations with FIRS.
Read more here…….Country-by-Country Reporting