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.
