Nigeria resumes CbC report for local filing for Non-Parent Entities

Nigeria resumes CbC report for local filing for Non-Parent Entities

The Federal Inland Revenue Authority (FIRS) issued a public notice on 4 January 2022 announcing that it will resume the CbC report local filing requirement for non-parent entities.

In May 2021, FIRS had issued a notice to suspend CbC filing for Nigerian resident branches and subsidiaries (constituent entities) of foreign multinational enterprises.

The withdrawal of the May 2021 suspension follows a review of Nigeria’s compliance with the confidentiality and data safeguard requirements to qualify as a reciprocal jurisdiction for CbC reporting purposes.

The local filing requirement applies or re-applies from 1 January 2021.

Constituent entities of foreign companies will be require to submit a CbC report to the FIRS when there is no agreement for an automatic exchange of information between Nigeria and the country of resident of the ultimate parent entity. 

 

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