SEP

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...

A New Tax Burden on Nigerian Companies

The President of the Federal Republic of Nigeria recently passed into law the Nigerian Police Trust Fund Establishment Act 2019. (NPTFEA or the Act). The NPTFEA creates a Special Intervention Fund for the Nigerian...
Tax outlook 2020

The Nigerian Tax Report: 2019 Wrap up/2020 Outlook

With the Nigerian fiscal landscape constantly in a state of flux and the frequent push and pull by the government aimed at improving the economic fortunes of the country, the 2019 tax...

Expansion of the Statutory Deadline for Filing of Tax Objections

The Tax Appeal Tribunal ("TAT") on 17.09.19, sitting in Lagos, in the matter of Earth Moving International v. Federal Inland Revenue Service1, delivered judgement to the effect that; (x) a Notice of...
Non-resident tax

FIRS Establishes Tax Office for Non-Resident Persons

By a public notice (“the Notice”) issued by the Federal Inland Revenue Service (“the Service” or “FIRS”), a tax office-specific and peculiar to Non-Resident persons as defined under Nigerian law has been...
FIRS Intervention - COVID 19

FIRS Intervention in Response to COVID-19

In a bid to ameliorate some of the potential impacts of the pandemic on businesses in Nigeria, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammed Nami (the Chairman)...
Tax banner

COVID-19: Impact on Business and Tax Implications

Given the gross reduction in the volume of economic activities in most countries, including Nigeria; and in some cases, a complete halt, the Coronavirus pandemic (the Pandemic) is bound to have far-reaching...
TP

Navigating Transfer Pricing Concerns in the Covid Season

In its latest Interim Economic Outlook of March 2020, the Organisation for Economic Co-operation and Development (OECD) warns that the COVID-19 Pandemic ("the Pandemic" or "the Virus") is the global economy's gravest...

Penalties and Interest to Accrue from the Date of Failure to Remit Taxes

The Tax Appeal Tribunal (TAT) on 14 May 2019, delivered a judgement in the case of Shell Nigeria Exploration and Production Company Limited v. Lagos State Internal Revenue Service (LIRS) with suit...
FIRS circular

FIRS Circular on the Implementation of The Value Added Tax Provisions in the Finance...

With the introduction of sweeping changes to the provisions of existing tax laws in Nigeria by the Finance Act 2019 (the Act), it has become necessary for the Federal Inland Revenue Service (the FIRS or...