FIRS to Introduce e-TP Filing in 2020

Proshare

Thursday, October 03, 2019 /09:03 AM  / By Wole Obayomi, KPMG / Header Image Credit: TPA Austria

 

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.

 

Comments

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.


Proshare Nigeria Pvt. Ltd. 


Related News

1.       FIRS Issues Final Demand Notice To Companies Whose Bank Accounts Are Under Lien

2.    FIRS Public Notice On Deduction At Source of WHT And VAT On Compensation Paid By Principal Companies

3.      FIRS Recommends A 63-Day Timeline For Completion Of Tax Audit Exercises

4.      Increase VAT Gains through Efficient VAT Management

5.      Fowler Calls For Increase In VAT Collection in Nigeria

6.      Implications Of FGN's Increase Of VAT Rate To Pay For The New Minimum Wage

7.      FIRS Suspends Directive To "Freeze" Taxpayers' Bank Accounts

8.     FIRS issues Public notice on Implementation of the Revised 2018 Transfer Pricing Regulations

9.      Value Added Tax Modification Order For The Power Sector

10.  The Income Tax (Transfer Pricing) Regulation, 2018 - Is This A Game Changer?

11.   FIRS provides Clarification on recent Tax Developments at a Stakeholder Meeting



Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP