Nigeria’s Federal Inland Revenue Service on January 4 issued a notice withdrawing its previous suspension of the local file country-by-country reporting requirement for local branches and subsidiaries of multinational groups that are headquartered outside of Nigeria.
As a result, with effect from 1 January 2022, the notice states that all Nigerian constituent entities of multinational groups that are not ultimate parent entities must comply with the local filing obligations under the country-by-country reporting regulations issued in 2018.
The agency had announced the suspension in a notice dated May 6, 2021, which had stated that the suspension would be in effect until further notice. The temporary suspension from country-by-country reporting obligations did not apply to multinational groups with headquarters or surrogate parent entities in Nigeria.
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