Migration from e-TP Plat To Taxpro Max For Filing Of Transfer Pricing Returns And Country-By-Country Reporting Notifications

The longstanding obligation for taxpayers to submit transfer pricing (TP) and Country-by-Country Reporting (CbCR) returns has seen a notable evolution in filing methodologies since the inception of TP and CbCR regulations. This transformation underscores the dynamic nature of compliance in the tax landscape. The filing process has become more sophisticated and nuanced over time, reflecting the changing regulatory environment.

As businesses navigate these evolving regulations, a comprehensive understanding of the shifting landscape is crucial. The constant adaptation in filing mechanisms emphasizes the need for taxpayers to stay informed and agile in meeting their TP and CbCR obligations within the evolving regulatory framework.

Key Observations

The following are the changes that have occurred due to the transition from the “e-TP Plat” to TaxPro Max:

Login details: The login details used in filing TP and CbC notification on the e-TP Plat will no longer be valid. Taxpayers are now expected to file the returns using the existing TPM login details.
Declaration form: A new declaration form must be completed by first-time filers on TPM including those that have previously filed on e-TP Plat.
Penalties: The penalties for late filing or non-filing are automatically calculated by the platform after the due dates. Nonetheless, the FIRS is granting a waiver on administrative penalties previously imposed or to be imposed for outstanding TP returns and CbCR notification provided the outstandings are filed not later than 30 June 2024.
Returns previously filed: Taxpayers are at liberty to choose whether or not to re-file previous returns filed on the e-TP Plat.

Procedures for filing TP Returns and CbCR Notification on the TaxPro Max Platform.

Taxpayers should log in to the TaxPro Max platform using the existing TaxPro Max login details.
Then proceed to Taxes Due of each reporting/constituent entity and click on “Process” on the TP/CbCR assessment.
Fill the necessary information on the TP or CbCR forms.
Review all information and proceed to submit.

Read full article below: