Federal Inland Revenue Service (FIRS) has released a public notice on the filing of tax returns at the tax office closest to taxpayers’ operations. The announcement is in line with FIRS segmentation policy and industry-specific rules for taxing activities, including the filing of…
Introduction Federal Inland Revenue Service (FIRS) has released a new procedure, of less than 1 minute, for obtaining a tax clearance certificate (TCC). However, the new rule is subject to payment of outstanding taxes and will take effect from 1 January 2023. Before…
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…
The Federal Inland Revenue Service (FIRS) has issued a Public Notice appointing MTN, Airtel, and all money deposit banks as collection agents of VAT (value added tax). FIRS’ appointment is in line with Section 14(3) of the VAT Act 2004 as amended. These…
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…
1.0 Introduction The Federal Inland Revenue Service (FIRS) has released an information circular dated September 1, 2022 for administering the National Agency for Science and Engineering Infrastructure Levy (NASENI levy). The levy relies on the National Agency for Science and Engineering Infrastructure (Establishment)…
The Lagos State Internal Revenue Service (LIRS) has issued a new way of generating bill references to pay taxes in Lagos State effective 1 August 2022. Taxpayers must generate bill references on the eTax portal for all tax payments, which makes other means…
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…
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…
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…