Compliance-based Documentation

This publication looks at the requirements of the Nigeria TP regulations for taxpayers to demonstrate, where necessary, actual and proper implementation of what is contained in their TP policies.

It is pertinent to appreciate initially that while having a TP policy provides a valid framework for, and also signifies your organization’s intention towards, achieving market driven prices when transacting business with a related party, the evidence that this policy is actually implemented lies with the availability of a proper ‘compliance-based’ documentation (it is possible that an organization have other forms of TP documentation for different objectives e.g., a planning documentation for business restructure purposes)