Following the introduction of the Income Tax (Transfer Pricing) Regulations, 2018 ("TP Regulations") in August, the FIRS today (3 October 2018) issued a public notice to taxpayers and the general public on the Regulations. The public notice reaffirms that the Regulations are effective from 12 March 2018 and that non-compliance will attract the penalties contained in the relevant provisions of the Regulations.
The highlight of the notice is the fact that the FIRS has granted taxpayers up to 31 December 2018 to discharge all their outstanding obligations (i.e. file TP declarations, make disclosures of controlled transactions, submit TP Documentation etc.). Failure to do this by 31 December 2018 will attract the full penalties contained in the Regulations.
In addition to the public notice, the FIRS also released the Guidelines on Transfer Pricing Documentation. You can download the Public Notice and Guidelines here.
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