Public Notice on Deduction at Source of Withholding Tax

The Federal Inland Revenue Service ("FIRS"), in a Public Notice, issued a guidance to the public and taxpayers in general on Withholding Tax ("WHT") and Value Added Tax("VAT") deductible on Compensation/Commission...
FIRS Circular

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...
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...

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...

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...
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...
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...

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...
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...

Value Added Tax Exemption on Commissions from Stock Exchange Transactions Soon to Cease

The Value Added Tax (“VAT”) exemption currently enjoyed on commissions (a) earned on the traded value of shares; (b) payable to the Securities and Exchange Commission; (c) payable to the Nigerian Stock...