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FIRS issues public notice on implementation of the revised 2018 Transfer pricing regulations

Deloitte by Deloitte
October 4, 2018
in Business News, Corporate Updates
Mr Tunde Fowler Chairman, Federal inland Revenue Service (FIRS), Tax

Mr Tunde Fowler Chairman, Federal inland Revenue Service (FIRS)

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Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Transfer Pricing) Regulations, 2018 (the 2018 TP Regulations), which replaced the Income Tax (Transfer Pricing) Regulations, 2012.

The 2018 TP Regulations; which has a commencement date of 12 March 2018, introduced additional compliance obligations for taxpayers and enhanced administrative penalties for any non-compliance with the obligations.

In its Public Notice released on 3 October 2018, FIRS has granted taxpayers up to 31 December 2018 to ensure their full compliance with all pending Transfer Pricing (TP) obligations – filing of TP declarations, disclosures and submission of TP documentation, etc.

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According to FIRS, it intends to start imposing the increased administrative penalties on erring taxpayers after 31 December 2018.

The release of the Public Notice by FIRS is commendable and is seen as a step in the right direction, as it helps in clearing some of the uncertainties taxpayers have on the administrative procedures for implementation of the 2018 TP Regulations.

It is expected that taxpayers will make the best use of this opportunity given by FIRS and ensure full compliance with the obligations created by the 2018 TP Regulations.

Please refer to our earlier publication for further details of the 2018 TP Regulations, the obligations it created for taxpayers, as well as the administrative penalties it imposes for non-compliance with its obligations.


This publication originally appeared on Deloitte 


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Deloitte

Deloitte

Visit our blog to keep yourself abreast of business alerts, subject matter expert perspectives and so on. This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

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