It’s a reminder for the companies with a 31 December year-end required to file a transfer pricing (TP) return by 30 June 2019. Pursuant to the Transfer Pricing Regulations of 2018, existing companies with financial year-end of 31 December 2018 must file and submit transfer pricing return within six months after the date of the company’s accounting year-end.
Failure to submit transfer pricing documentation upon request the reporting entity shall be liable to an administrative penalty of a sum equal to NGN 10 million or 1% of the value of related party transactions whichever is higher and plus NGN 10,000 per day of delay.
Company fails to submit return in time, can apply for extension of time before 30 June 2019 and have to give an explanation for the reason why they failed to return in time. The authority may accept or reject the application. After rejection the companies will be considered to have defaulted from the filing date when the return was due. If the authorizes accept and extend the deadline the company have to submit transfer pricing return within the given time.
