…as 54 others pay N47.433m penalties
The Federal Inland Revenue Service has fined 222 companies N1.074billion for failing to file their Transfer Pricing Returns as stipulated by law.
Fifty-four other defaulting companies have, however, paid penalties amounting to N47.433million imposed on them by the FIRS for committing similar offence.
This is another key tax policy issue that the Muhammad Nami-led FIRS has continued to focus on.
The fines in the form of Demand Notes of N1.074billion issued by the FIRS to the 222 defaulting companies were a follow-up to the introduction of the Income Tax (Transfer Pricing) Regulations 2018.
This sanction, the FIRS said, was sequel to the failure of the affected companies to file their Transfer Pricing Returns in line with the requirements of the Regulations.
The FIRS also disclosed that it is currently “involved in several audits that have the potential for substantial revenue yield resulting from adjustments and additional adjustments.
Meanwhile, under the Nami-led FIRS management, Nigeria has signed an active ADTA agreement with 16 countries.
These countries include South Korea, Spain, Sweden, Singapore, France, Mauritius, United Arab Emirate (UAE), Qatar, Kenya, Morocco, Ghana, Cameroon, Turkey, Sudan, Gambia and Denmark.
FIRS has also maintained relationship with ATAF, WATAF, CATA and the OECD, which culminated in its organising of a WATAF Workshop on Risk Management in Bamako, Mali, in June 2020.