TAT Delivers its First Judgement on Transfer Pricing Regulations in Nigeria
The Tax Appeal Tribunal (TAT) sitting in Lagos on Wednesday, 19 February 2020, delivered judgment in a matter between Prime Plastichem Nigeria Limited (PPNL) v. Federal Inland Revenue Service (FIRS). This judgement came as the first to be delivered on Transfer Pricing Regulations in Nigeria.
The case bordered on the compliance or otherwise of the Company with the Income Tax (Transfer Pricing) Regulations No. 1, 2012, particularly as it relates to the determination of the appropriate Transfer Pricing method as well as the Profit Level Indicator (PLI) selected for benchmarking the Company’s transactions.
