The Federal Inland Revenue Service (FIRS) has announced its transition from the e-TPPLAT used in filing transfer pricing returns and country-by-country reporting notification to a new platform called TAXPRO-MAX platform.

The Executive Chairman of the federal tax agency, Dr. Zacch Adedeji, made this disclosure on Monday in a statement signed by him.

The announcement specified that taxpayers had been allocated a grace period extending up to June 30, 2024, to address any outstanding filing requirements related to transfer pricing returns and country-by-country reports.

Adedeji, who assured that previous administrative penalties imposed or to be imposed by the Service shall be waived for compliant taxpayers during the grace period, however, warned that failure to adhere to the stipulated deadline will result in legal penalties.

The tax administrator clarified: “The annual filing of Transfer Pricing Returns and Country-by-Country Reporting (CbCR) notification have been migrated from the e-TPPLAT to the Tax Pro Max platform. Taxpayers are now required to file their Transfer Pricing Returns and CbCR notification on Tax-Pro Max using their regular login credentials.

“The Service, by this notice, grants both existing and prospective taxpayers up to 30th June 2024 to fulfil all pending filing obligations of their Transfer Pricing Returns, and submission of CbCR notification on Tax-Pro Max.

“The administrative penalties previously imposed or to be imposed by the service or in accordance with the Income Tax (Transfer Pricing) Regulation 2018 and Income Tax (Country-by-Country) Regulation 2018 shall be waived by virtue of compliance with paragraph 2 above.

“However, penalties shall be imposed on any taxpayer who fails to comply accordingly”, Adedeji stressed.

The FIRS’ boss further maintained that taxpayers who decide to re-file that tax returns under the new platform were free to do so and advised owners and representatives of companies, and other stakeholders to be guided by the new notice.