On 23 November 2016, the Federal Inland Revenue Service (FIRS) issued new Transfer Pricing Declaration and Disclosure forms (TP Forms). The use of the newly issued forms takes effect from January 2017. All taxable persons with connected transactions are required to file their returns using the new forms.
On introduction of Transfer Pricing (TP) Regulations in 2012, the Federal Inland Revenue Service (FIRS) required companies to provide various and specific information on two forms, namely, Declaration and Disclosure Forms.
Whilst the Declaration form requests for information on the ownership, structure, management and other corporate matters of the company, the Disclosure Form basically focuses on related-party transactions conducted by the company in a tax reporting year.
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