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.
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.
