OALP Tax Wrap-Up 2022 and 2023 Outlook
In 2022, the Nigeria’s government intensified its drive to boost tax revenue generation. The year witnessed important tax legislations and policies, which increased compliance requirements and strengthened tax administration at the various...
Federal High Court Rules on EFCC’s Powers to Investigate Taxes of Companies
As the Nigerian government continues its revenue drive, questions on the exercise of fiscal powers continue to arise. In Wheatbaker Investments and Properties Limited v. Economic and Financial Crimes Commission (EFCC) &...
FIRS PUBLIC NOTICE ON CERTIFICATE OF FIXED ASSET ACCEPTANCE AS A PRECONDITION FOR THE...
The FIRS in a recent public notice requested that all companies submit their Certificates of Fixed Assets Acceptance (CAFA) on Qualifying Capital Expenditures (QCEs) for capital allowances enjoyed between 2016 and 2021...
TAT LAGOS SETTLES CONTROVERSY ON THE SCOPE OF STOCK-IN-TRADE FOR THE CLAIM OF INPUT...
In what may be regarded as a breakthrough for players in the manufacturing sector in Nigeria, the Tax Appeal Tribunal provided clear parameters for the determination of "Stock in Trade" by expanding...
Olaniwun Ajayi Tax Wrap-up Report
With the birth of the Petroleum Industry Act which had spent 16 years in incubation; the yearly visitor - the Finance Act, which has become the new normal under the Muhammadu Buhari-led...
A REVIEW OF THE SUNSET ON TAX EXEMPTIONS FOR NIGERIAN DEBT SECURITIES
With the expiration of the tax exemption orders on debt securities after a 10-year life span, the coming months present a relatively new tax compliance atmosphere for operators and participants in the...
Key Tax Changes Proposed In The Finance Bill 2021
The President Muhammadu Buhari led federal government in a bid to keep its promise of a yearly Finance Act has presented the Finance Bill for consideration and passage by the National Assembly....
Nigeria issues the Companies Income Tax (Significant Economic Presence) Order, 2020
The Finance Act 2019 heralded the introduction of a new framework for the taxation of e-commerce in Nigeria and this was to be based on the Significant Economic Presence (SEP) principle. The...
The Value Added Tax (VAT) Modification Order 2020
The Honourable Minister of Finance, Budget and National Planning, in the exercise of powers granted in section 38 of the Value Added Tax Act Cap V1 LFN 2004 (VATA or the Act) on February...
FIRS Circular on the Tax Implications of Operation of Real Estate Investment Companies in...
Following the passage of the Finance Act 2019, the Federal Inland Revenue Service (FIRS or the Service) has released several circular providing clarification on certain provisions of extant tax laws that were...