Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 18, 2014 at 03:43PM

this blog is spored BY reflex Eco Group

VENTURES AFRICA- In a bid to boost the country’s revenue generation, Federal Inland Revenue Service (FIRS), has introduced a new tax regime that will ensure appropriate taxation of multinationals and business enterprise operating in Nigeria.

The new regime would help tackle the challenge of tax evasion which is embedded in “under-pricing’’ of controlled transactions between associated enterprises, according to Kabir Mashi, acting Executive Chairman of FIRS, who was speaking at the opening of a stakeholders’ engagement on the Filing of Transfer Pricing (TP) Returns.

Transfer pricing system facilitates the process of setting appropriate prices for goods, services, asset, intellectual properties, loans, guarantees supplied or transferred by one enterprise to another members of the same group or otherwise connected.

The system will further reduce the risk of double taxation, provide taxable persons with certainty and a fair business environment for multinationals and independent enterprises doing business in Nigeria.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s