Similar Posts
LIRS launches enterprise tax administration system
Posted on Updated onThe Lagos State Internal Revenue Service (LIRS) has automated its tax management and administration process. Taxpayers in Lagos State can now manage their tax affairs using an online end-to-end platform, enterprise tax administration system (e-Tax). Overall, the multi-channel solution aims to improve tax administration and shorten the tax compliance process in the state. e-Tax serves…
Court of Appeal confirms VAT on imported services
Posted on Updated onOn 24 June 2019, the Court of Appeal (CoA), supported the ruling of the Federal High Court (FHC), in Vodacom Business Nigeria Limited (Vodacom) and Federal Inland Revenue Service (FIRS) on the issue of value-added tax (VAT) on imported services rendered by a non-resident company outside Nigeria. A non-resident company (NRC) is a company incorporated…
VAT rate in Nigeria
Posted on Updated onThe value added tax (VAT) rate in Nigeria is seven point five percent (7.5%). However, the VAT rate cannot be applied to all transactions. Why? Some goods and services are either zero-rated or exempt from VAT. In such instances, the standard VAT rate in Nigeria of 7.5% will not apply to these items. Therefore, it…
FIRS Self-certification form for foreign residents in Nigeria
Posted on Updated onFIRS recently issued self-certification forms for foreign residents with bank accounts in Nigeria. The new documentation is further to the Income Tax Regulation 2019. Nigeria has an agreement with 109 jurisdictions to share bank account information of non-resident persons in the country. The Income Tax (Common Reporting Standard) Regulation 2019 requires all Financial Institutions to…
Federal Executive Council approves new import levy
Posted on Updated onThe Federal Executive Council has approved a rate of 0.2 percent on qualifying imports coming into Nigeria from the African Union (AU) countries. This approval is a sequel to the decision reached at the AU Summit for Heads of States and Government in July 2016 wherein all Member States were requested to implement a 0.2%…
How to register a foreign company for tax with FIRS
Posted on Updated onTechnology has changed the way a business supplies goods or services. More so, a foreign company may not need to travel physically to conclude a transaction with a consumer in Nigeria. Another name for a foreign company is a non-resident company. In this article, we will learn how to register a foreign company for tax with…