Professionals obtaining any sum of money under a non-compete agreement will now be subject to tax with the government having plugged a loophole in the Budget.
Since Nigeria Transfer Pricing Regulations (the Regulations) came into force in September 2012, with 2, August 2012 commencement date, transfer pricing has become one of the hottest tax issues in Nigeria.
In a report submitted to the G-20 Finance Ministers and Central Bank Governors on February 26-27, 2016, the OECD's Secretary General, Angel Gurría, said that a number of countries have already adopted legislative changes to implement a number of the BEPS measures, including proposals contained under BEPS Action 2 (on neutralizing the effects the hybrid mismatch arrangements) and BEPS Action 13 (on transfer pricing documentation and country-by-country reporting).
The Ministry of Finance released a draft of a government bill for public comments in December 2015. According to the draft, Finland will implement Action 13 of the 2015 Final Report of the OECD PEBS project by adding requirements to prepare a master file and provide Country-by-Country (CbC) Reporting. In addition, the penalty provision will be extended to cover the new requirements.
Public accounts committee says £130m deal seems ‘disproportionately small’ compared with size of UK business