The Federal Inland Revenue Service has declared that it will be switching over to the TAXPRO-MAX platform from the e-TPPLAT platform, which is used for filing transfer pricing returns and notifying countries about their reporting obligations.
According to The Times, this was made known in a public statement that the executive chairman of the organization, Zaach Adedeji PhD, signed.
The notice also stated that “taxpayers have been granted a grace period that runs through July 30, 2024, to take care of any unfulfilled filing obligations pertaining to country-by-country reports and transfer pricing returns.”
Additionally, FIRS has promised to release compliant taxpayers from penalties during this period. But it also issued a warning, saying that “if the deadline is missed, there would be legal repercussions. further highlighting its commitment to enforcing compliance.”
The FIRS also mentioned that “taxpayers are free to refile their tax returns using the new platform, and they have utilized this as a means of informing stakeholders, including business owners and representatives, to abide by the new notice.”
