The Federal Inland Revenue Service (FIRS) has issued a Public Notice granting taxpayers up till 30 June 2024 to regularise and file their outstanding Transfer pricing (TP) returns and Country by Country Reporting (CbCR) notifications. Based on the Public Notice, taxpayers that file on or before 30 June 2024 can enjoy a waiver of all administrative penalties (previously imposed or to be imposed by the FIRS) under the TP Regulations and CbCR Regulations.
The Public Notice also announces that the filing of TP returns and CbCR notifications have been migrated from e-TP Plat to the TaxProMax platform. The migration takes effect immediately and will apply to all future TP filings. Taxpayers may also choose to refile their previously filed returns on the TaxPro-Max.
Our key takeaways
- The Public Notice gives taxpayers the opportunity to enjoy a waiver of the administrative penalties stipulated in the TP Regulations and CbCR Regulations for all outstanding TP related filings up to 30 June 2024;
- The FIRS has now migrated the filing of TP returns and CbCR notifications from e-TP plat to TaxProMax. The TaxProMax platform can be accessed using the same login credentials used for the income tax filings.
- Taxpayers are currently facing challenges accessing the TaxProMax platform to file their TP returns and CbCR notifications. As such, taxpayers are advised to begin their filings as early as possible, to avoid any issues that may happen close to the deadline.