The Federal Inland Revenue Service (FIRS) gave a demonstration of electronic transfer pricing (e-TP) solution to stakeholders on Friday, 27 September 2019.
When operational, the e-TP filing portal would enable taxpayers to complete and submit the following forms:
• TP Declaration and TP Disclosure forms
• Country-by-Country Notification forms
• Country-by-Country report.
Nevertheless, taxpayers will still have the option to file hard copies of their returns at the relevant tax offices.
The introduction of e-TP filing is a step in the right direction as the tax authorities must leverage technology to streamline their processes for ease of compliance by taxpayers. The decision of the FIRS to delay total migration to a digital platform is a welcome development both to ensure the new platform runs smoothly and avoid digital exclusion of taxpayers who may not be e-TP ready. It is hoped that the system will be robust enough to ensure that taxpayers that are ready for e-TP filing would not have to revert to the status quo.
We will keep you abreast of further developments in due course.
For further enquiries on the above, please contact:
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