The Federal Inland Revenue Service (FIRS) has announced the transition from its e-TPPLAT to a new platform called TAXPRO-MAX for filing of transfer pricing returns and country-by-country reporting notifications.

In a public statement, FIRS Executive Chairman, Dr. Zaach Adedeji, specified that taxpayers have till July 30, 2024 to fulfil any outstanding requirements related to transfer pricing returns and country-by-country reports on the new platform. Compliant taxpayers will also be absolved of penalties within this grace period.

However, FIRS warned that failure to meet the deadline will result in imposition of legal penalties, affirming its commitment to enforcing compliance.

The Service noted that taxpayers can also refile past tax returns on the TAXPRO-MAX platform if they choose to. It advised company owners, representatives and stakeholders to abide by the new notice accordingly.

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.

Follow Our WhatsApp Channel ______________________________________________________________________________________________________

[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials

“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.

Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation

______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence

Interested buyers are encouraged to place their orders and enquiries via: 0704 444 4777, 0704 444 4999, 0818 199 9888 Website: www.alexandernigeria.com

______________________________________________________________________