Introduction With Nigeria’s Federal Government striving to boost tax revenue to support its expansionary fiscal policy, the Federal Inland Revenue Service (FIRS) has adopted a more aggressive approach to Transfer Pricing (TP) audits. Recent surveys indicate that this intensified scrutiny has led to significant additional tax liabilities for numerous companies, with some assessments amounting to […]

Introduction The Federal Inland Revenue Service (FIRS) Nigeria issued a comprehensive circular providing detailed guidance on the tax treatment of foreign exchange transactions. This circular, which replaces Information Circular No. 2024/3 issued on June 14th, 2024, aims to clarify the adjustments necessary for accurate tax computation in line with Nigeria’s tax laws. The International Financial