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FIRS grants waiver on interest and penalty from TaxPro Max

The Federal Inland Revenue Service (FIRS) has waived interest and penalty for taxpayers on the TaxPro Max. FIRS waiver is in response to the additional interests and penalties on liabilities from monitoring, desk review, tax audit, and tax investigation when a taxpayer wants…

tax on online gaming

FIRS begins direct collection of tax from online gaming transactions

Recently the Federal Inland Revenue Service (FIRS) released a public notice on real-time direct collection of taxes from online gaming transactions. FIRS has an automated tax collection process for online gaming businesses, whether local or foreign. Taxes will be deducted at transaction points…

FIRS extends deadline for 2022 companies income tax return

Companies whose income tax returns fall due between 30th June 2022 and 31st August 2022 can submit their returns on 31st August 2022. The Federal Inland Revenue Service (FIRS) has extended the deadline for filing the companies’ income tax returns for the 2022…

Basics of corporate taxation in Nigeria

A session on the topic “Understanding the basics of corporate taxation”. Corporate taxation is a tax on the profits of a company. It is a direct tax. The presentation looks at the following topics. Scope Residence Rate Profits exempt, expenses Withholding tax Minimum…

Filing of 2021 employer tax returns in Nigeria

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…