FIRS Circular on the Tax Implications of Operation of Real Estate Investment Companies in Nigeria

FIRS Circular

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 amended by the Finance Act 2019 (the Act). By a circular dated April 29, 2020 (the Circular) the FIRS provided clarifications on the application of sections 9, 19, 23, 24, and 80 of the Companies Income Tax Act (CITA) Cap. C21 LFN 2004 (as amended) which provides for the tax treatment of Real Estate Investment Companies (REIC) in Nigeria.

We have set out below our analysis of the provisions of this Circular and have examined whether it accords with the provisions of CITA.

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