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Breaking:@firsNigeria has published #Nigeria’s revised #TransferPricing Regulations (NTPR). The #NTPR is effective for basis periods commencing after 12 March 2018 and incorporates #BEPS outcomes and suggestions from @ATAFtax.
The #NTPR includes significant penalties for non-compliance (a) failure to file TP declaration = ₦10million + ₦10k/month (b) failure to file updated TP declaration/notification = ₦25k/day.
(c) failure to file TP disclosure = ₦10million or 1% of the value of related party transactions (RPT) not disclosed + ₦10,000/day (d) filing incorrect disclosure = ₦10million or 1% of the value of RPT incorrectly disclosed #NTPR.
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