The most significant development in the Nigerian tax system between June 2012 and the date of this report is the promulgation of The Income Tax (Transfer Pricing) Regulations No.1, 2012 (“TP Regulations”), which was published by official gazette in September 2012.
The TP Regulations provides detailed guidelines on the application of the arm’s length principle,which the domestic laws prescribe to tax authorities for making necessary adjustments where a transaction is deemed artificial or fictitious.
Below is the link for the FULL ARTICLE.