For amounts payable to the Federal Inland Revenue Service (FIRS), the relevant tax office of a taxpayer depends on four (4) factors. They are the…
Several countries want to lower cross-border tax evasion through the use of theIncome Tax (Common Reporting Standard) Regulations 2019 or CRS Regulations. The CRS Regulations…
In March 2020, taxpayers in Lagos State received an additional period of 2 months to file the annual individual tax returns or Form A. The…
In financial accounting, a business can depreciate its fixed assets with a straight-line method or reducing balance method or units of production. However, the principle…
Several non-essential businesses and workers stayed indoors in April 2020 due to the pandemic. As the Federal Government and State Government offered palliatives to citizens,…
Federal Inland Revenue Service (FIRS) has issued an information circular to clarify the amendments to the Value Added Tax (VAT) Act 2004 in the Finance…
Nigerian President has approved the waiver of Value Added Tax (VAT) and import duty for essential medical equipment and supplies. It takes effect from May…
Usually, the gross salary on an employment contract differs from the monthly salary which an employee receives. Our earlier article on payroll and statutory contributions…
The Federal Inland Revenue Service (FIRS) has announced extra tax concessions in response to COVID-19. Option to pay tax in Naira: Tax is payable in…
As most businesses in Nigeria are on lockdown, economic activities have reduced. Low economic activities hurt fiscal revenue and cash flow. To boost tax revenue,…