Transfer Pricing Regulation 2018 in Nigeria: Roles of Taxpayers, Professional and FIRS

Transfer Pricing Regulation 2018 in Nigeria. Unlock the intricacies of Transfer Pricing Regulation 2018 in Nigeria with our comprehensive video guide! Discover the crucial roles played by taxpayers, tax professionals, and the Federal Inland Revenue Service (FIRS) in ensuring compliance and navigating the complexities of transfer pricing audits.

Learn why adherence to transfer pricing regulations is paramount for taxpayers to conduct transactions with related parties at arm’s length, preventing potential tax adjustments, penalties, and audits by tax authorities.

Dive deep into the steps necessary for compliance, including functional analysis, selection of appropriate methods, and meticulous documentation. In this comprehensive video, we dissect the roles of various stakeholders: Taxpayers: Gain insights into their critical role during transfer pricing audits.

Understand the importance of cooperation with the Federal Inland Revenue Service (FIRS), providing access to pertinent information, and justifying pricing practices to address proposed adjustments effectively.

Tax Professionals: Uncover the indispensable role of tax professionals in ensuring compliance with regulations and tax laws.

Discover how their expertise guides taxpayers through complex regulations, conducts internal reviews, represents during audits, and employs advanced strategies like negotiating APAs and providing strategic business advice. FIRS: Learn about FIRS’s pivotal role in enforcing transfer pricing regulations.

Dive into their strategies, including conducting meticulous audits, imposing penalties for non-compliance, collaborating with taxpayers, providing guidance, and building capacity through training programs and international collaborations. Explore real-life case studies, from negotiating APAs to conducting internal transfer pricing reviews and responding to audit inquiries.

Witness firsthand the collaborative efforts between taxpayers, tax professionals, and FIRS to ensure compliance, foster transparency, and promote fair practices in business operations and tax administration.

Join us as we unravel the intricate web of roles in transfer pricing regulation in Nigeria, empowering taxpayers, tax professionals, and FIRS to navigate the regulatory landscape effectively and ensure fair and transparent practices in business operations and tax administration.

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Transfer Pricing Regulation 2018 in Nigeria

About The Speaker:

Olatunji is the founder Taxmobile.Online and Managing Partner/CEO of AOA Professional Services. Before this, Olatunji worked as Director- Tax and regulatory Services at Nolands Nigeria Professional Services, Senior Manager – Tax, Regulatory and advisory Services at Saffron Professional Services, Tax and Fiscal Reporting Accountant of Schlumberger Nigeria Limited, and as an Audit Trainee in Ernst & Young.

His experience covers the full range of services in internal audit and control, transfer pricing, arbitration, tax advisory and regulatory services, audit support, forensics investigation, and due diligence.

Disclaimer: The information contained herein is general and is not intended, and should not be taken, as a legal, accounting or tax advice provided. This information remains strictly the opinion of Olatunji Abdulrazaq.