Taxes & Tariffs | |
Taxes & Tariffs | |
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Wednesday, October 10, 2018/05:30PM/Deliotte
Recently, the Federal Inland
Revenue Service (FIRS) issued the Income Tax (Transfer Pricing) Regulations,
2018 (the 2018 TP Regulations), which replaced the Income Tax (Transfer
Pricing) Regulations, 2012.
The 2018 TP Regulations; which has a
commencement date of 12 March 2018, introduced additional compliance
obligations for taxpayers and enhanced administrative penalties for any
non-compliance with the obligations.
In its Public Notice released on 3
October 2018, FIRS has granted taxpayers up to 31 December 2018 to ensure their
full compliance with all pending transfer pricing (TP) obligations – filing of
TP declarations, disclosures and submission of TP documentation, etc. According
to FIRS, it intends to start imposing the increased administrative penalties on
erring taxpayers after 31 December 2018.
The release of the Public Notice by FIRS
is commendable and is seen as a step in the right direction, as it helps in
clearing some of the uncertainties taxpayers have on the administrative
procedures for implementation of the 2018 TP Regulations.
It is expected that taxpayers will make
the best use of this opportunity given by FIRS and ensure full compliance with
the obligations created by the 2018 TP Regulations.
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