Regiis Maestro Insights
Latest industry trends, regulatory updates and industry insights to help organizations grow, transform and succeedarket trends, regulatory updates and industry insights to help organizations grow, transform and succeed
FIRS Migration from E-TP Platform to TaxProMax and Waiver of Administrative Penalties
The Federal Inland Revenue Service
(FIRS) has issued a Public Notice regarding the migration of Transfer pricing (TP) filing and Country by Country Reporting (CbCR) from the Electronic-TP platform to Taxpromax platform. This implies that taxpayers will no longer use E-TP Platform to file TP-related returns, as the process has now been incorporated into the Taxpromax platform. This Public Notice also gives taxpayers the opportunity to enjoy waiver of administrative penalties for taxpayers who have not yet complied or filed their transfer pricing returns and country-by-country reporting in the past.
Taxpayers are granted up to 30th June 2024 to regularise and file their outstanding TP returns and CbCR reporting.
Commentary: This is good news, especially given the tough economic situation in Nigeria, which has hit many businesses hard. It’s an opportunity for businesses to fix any overdue TP returns and CbCR notifications and avoid getting hit with heavy administrative penalties for late filings.
Please
click here to download the public notice.
