The Federal Inland Revenue Service (FIRS) of Nigeria published new transfer pricing (TP) forms (TP Declaration Form and TP Disclosure Form). This is aimed at improving disclosure and transparency by taxpayers in their TP Returns, and providing FIRS with better information for their use in conducting TP risk identification and assessment. The main updates include forms on low tax jurisdiction’s definition, foreign tax identification numbers of taxable persons, values of income received and costs incurred in relation to dependent and independent sources and names and jurisdictions of contracting parties to inter-company transactions. The instructions for completing these two forms (Guidelines:TP Declaration Form and Guidelines: TP Disclosure Form) were also published. These forms should contain audited financial statements, tax computations and self-assessment forms. With effect from 1st January 2017, all the taxpayers in Nigeria are need to file their TP returns using these new TP forms. The penalty applies in case of failure to submit annual tax return form by the due date.
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