FIRS implements new tax regulations for multinationals

PUBLISHED: Wed, 04 Jul 2018 12:04:49 GMT

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Nigeria’s Federal Inland Revenue service has implemented new regulations governing taxes paid by multinationals. Under the new rules, the tax service will now require multinationals to report yearly revenue, and profit or loss before tax in each jurisdiction that the company operates in. In addition late fines now start at 10 million naira and increase by one million naira every month. Joshua Bamfo, Partner at Andersen Tax joins CNBC Africa to unpack the reforms.