The Federal Inland Revenue Service (FIRS) has released a public notice on the submission of a certificate of acceptance. Section 3 of the Industrial Inspectorate Act, Cap. I8, LFN 2004 (as amended), provides that any person incurring Qualifying Capital Expenditure (QCE) of NGN500,000…
The Federal Inland Revenue Service (FIRS) has released a list of exchange partners under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information for reportable Financial Institutions. The number of countries as of January 2022 is 108, and the list…
It’s the season for filing payroll tax in Nigeria. The Personal Income Tax Act (PITA) Cap P8 LFN 2011 (as amended) requires every employer to file the employer tax returns (Form H1) with the relevant tax authority by 31 January. Employers are to file their…
What is payroll tax reconciliation? A payroll tax reconciliation checks whether the PAYE tax calculated corresponds with the actual amount payable. A regular reconciliation lowers payroll tax exposure. An employer can carry out a reconciliation exercise quarterly, bi-annually, or annually. As payroll data…
On 7 December 2021, President Muhammadu Buhari released the Finance Bill 2021 (FB 2021) to the National Assembly for passage. Finance Bill 2021 seeks to amend and introduce relevant tax and fiscal laws for macroeconomic policy reforms and public financial management of Nigeria.…
Federal Internal Revenue Service (FIRS) has released guidelines on a simplified compliance regime for value added tax for non-resident suppliers (The Guidelines). The Guidelines clarify the obligations and procedures for value added tax (VAT) compliance by non-resident suppliers (NRS) supplying goods, services, or…
A taxable person is required to register for taxes in Nigeria. Individuals, employees, partnerships, and communities pay personal income tax in Nigeria. Personal income tax is payable to the relevant tax authority. Tax residents in Lagos State usually pay tax to the Lagos…
The Nigerian Senate has passed a bill to establish a Tertiary Healthcare/Hospitals Development Fund (THD Fund). The THD Fund will provide money for the rehabilitation, restoration, and consolidation of tertiary healthcare in Nigeria. The Tertiary Healthcare/Hospitals Development Fund shall provide and maintain the…
Outline Introduction Objectives Regulatory bodies Petroleum operations and licenses Host Communities Development Frontier Exploration Fund Tax No longer in use 1. Introduction The first commercial discovery of oil in Nigeria was in 1956 in Oloibiri, Niger Delta. The discovery attracted other multinational oil…