Transfer pricing (TP) audits have become crucial, particularly in nations like Nigeria. These audits significantly impact tax liabilities and profoundly shape a company’s financial standing. As Nigeria intensifies efforts to enhance government revenue, taxes play a pivotal role in national budget financing, leading to an upsurge in TP audits by the Federal Inland Revenue Service (FIRS). The intricate technicalities of TP and the potential for substantial tax adjustments elevate its importance for businesses and often spark disputes among stakeholders, including companies, the FIRS, and consulting firms. In response, taxpayers must adopt a proactive stance and consider dispute resolution options from …
