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THE NEED FOR MNEs ADHERENCE TO COUNTRY-BY-COUNTRY REPORT IN NIGERIA

Hitherto, the Nigerian economy is still faced with insufficient tax revenue due to lofty level of tax avoidance via loopholes mastery by tax payers to reduce tax burden on their income. Diverse reforms have been formulated and implemented to encourage tax payment in the Nigerian economy, but none has efficaciously delivered the main objective of the government.

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FIRS COUNTRY BY COUNTRY REPORTING NOTIFICATION FORM RELEASED

Regards to our earlier publication on the need for Multinational Enterprises (MNEs) adherence to Country-by-Country report in Nigeria in July, 2018, which allows the report to be functional currency of the ultimate parent entity of an MNE group (KKC Watch, 2018).

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POLICY ISSUES IN THE NIGERIAN PETROLEUM SECTOR: TAX AMONG OTHERS

The discovery of oil in Nigeria has left many with the question: is the sector a blessing or a curse to the economy? This is as a result of many challenges the sector has brought to the country through the abandonment of other strategic sectors such as Agriculture and economic challenges via volatility in the price of oil which is an exogenous factor in the economy’s model.

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Value Added Tax Act Discrepancies: Errors leading to Misinterpretation

The conflict between the verdict on VAT remittance by two divisions of the Tax Appeal Tribunal (TAT) in Abuja and Lagos has been a lingering issue for about two years now: The Abuja tax verdict on the case between Gazprom Oil & Gas Nig. Ltd vs Federal Inland Revenue Services (FIRS) and Lagos; Vodacom Business Nig. Ltd vs FIRS.

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TRANSFER PRICING DOCUMENTATION ANALYSIS

Transfer pricing documentation is coordinated through the arm’s length principle. Transfer pricing is the price at which related firms transact. The documentation requires taxpayers ensuring transaction records within the firm are kept in line with the arm’s length principle.