The Federal Inland Revenue Service (FIRS) has released updated Transfer Pricing (TP) Declaration and Disclosure Forms, which take effect from January 2017.
The update by FIRS is aimed at improving disclosure and transparency by taxpayers in their TP Returns, as well as providing FIRS with better information for their use in conducting TP risk identification and assessment.
The updated TP Disclosure form requires taxpayers to specify the year of assessment and basis period to which the form relates, as well as the comparative values for each item of income or expense received or paid to connected and independent sources.
Further, in a bid to minimize cost of compliance for taxpayers, FIRS has indicated on the forms that taxpayers may submit their TP returns along with their income tax returns either at the FIRS office where their tax file is domiciled, or directly at the FIRS International Tax Department, Ikoyi Lagos.
Taxpayers are required to start using the updated TP forms in filing their TP returns from January 2017 and the forms are available for download from FIRS website.