EY Sensitises Stakeholders on New Transfer Pricing Regulations

Ernst & Young Nigeria (EY) is taking up the challenge to sensitise industry stakeholders, clients and non-clients on the new transfer pricing regulations and the key changes brought about by the policy.

The move was on the back of the recently released income tax (Transfer Pricing) regulations, 2018 by the Federal Inland Revenue Service (FIRS).

The new regulations were the first to be made to the Transfer Pricing regulations since its introduction in August 2012.

The new Regulations replaced the Income Tax (Transfer Pricing) Regulations, 2012 (old Regulations) and shall apply to financial years beginning after 12 March 2018.

Speaking on the primary objective, EY Head of Tax Services, Akinbiyi Abudu, noted that the knowledge sharing session is aimed at addressing all the enquiries pertaining to the 2018 Transfer Pricing regulations and the implications for taxpayers.

The session would hold in Lagos next Wednesday.

According to Abudu, the introduction of the new regulations represents a significant step taken by the FIRS towards ensuring increased compliance and implementation of the arm’s length principle in a manner consistent with the Organisation for Economic Co-operation and Development TP Guidelines for Multinational Enterprises and Tax Administrations and the United Nations Practical Manual on Transfer Pricing for Developing Countries, both updated in 2017.