The Federal Inland Revenue Service (FIRS) has announced the service’s transition from the e-TPPLAT used in filing transfer pricing returns and country-by-country reporting notification to a new platform called TAXPRO-MAX platform.
This was disclosed in a public statement signed by the Executive Chairman of the service, Zaach Adedeji PhD.
The announcement further specifies that taxpayers have been allocated a grace period extending up to July 30, 2024, to address any outstanding filing requirements related to transfer pricing returns and country-by-country reports.
FIRS has also pledged to absolve compliant taxpayers from penalties within this timeframe. However, it issued a warning stating that failure to adhere to the stipulated deadline will result in legal penalties, emphasizing its commitment to enforcing compliance.
What the FIRS is saying
- “The annual filing of Transfer Pricing Returns and Country-by-Country Reporting (CbCR) notification have been migrated from the e-TP plat to the Tax Pro Max platform. Taxpayers are now required to file their Transfer Pricing Returns and CbCR notification on Tax-Pro Max using their regular login credentials.
- “The Service, by this notice, grants both existing and prospective taxpayers up to 30th June 2024 to fulfil all pending filing obligations of their Transfer Pricing Returns, and submission of CbCR notification on Tax-Pro Max.
- “The administrative penalties previously imposed or to be imposed by the service or in accordance with the Income tax (Transfer Pricing) Regulation 2018 and Income Tax (Country-by-Country) Regulation 2018 shall be waived by virtue of compliance with paragraph 2 above.
- “However, penalties shall be imposed on any taxpayer who fails to comply accordingly”
The FIRS further noted that taxpayers who decide to refile that tax returns under the new platform are free to do so and used the medium to advise owners and representatives of companies, and other stakeholders to be guided by the new notice.
Okay good for the country’s benefit