President Buhari signed the Petroleum Industry Act (PIA) 2021 into law on the 16th of August 2021. PIA contains five chapters. First chapter looks at the Governance and Institutions. Second chapter 2 covers the Administration while the third chapter 3 discusses Host Communities…
The Federal Inland Revenue Service (FIRS) has issued guidance on the taxation of non-residents in Nigeria. FIRS Information Circular No. 2021/07 of 3rd June 2021 provides information on the Nigerian tax laws for non-residents (individuals or corporate) and their liability to taxes in…
Multichoice Nigeria Limited (Multichoice) offers entertainment platforms such as DStv and GOtv. In April 2021, the Federal Inland Revenue Service (FIRS) issued a demand notice of NGN1.8trillion to Multichoice over an alleged NGN1.8 trillion tax evasion. Next, Multichoice appealed with the Tax Appeal…
Nigerian President has signed the Petroleum Industry Bill (PIB) 2020 into law. The PIB aims to reform the oil and gas sector after two decades of deliberation. Though Nigeria relies heavily on oil revenue, the industry was fraught with problems. Over the years,…
Effective 1 January 2021, the Finance Act 2020 introduced significant changes to fifteen laws covering tax and non-tax laws in Nigeria. The revenue authority usually releases information circulars to guide stakeholders on the administration of the Finance Act. Consequently, the Federal Inland Revenue Service…
Tax is a compulsory charge by the government on the goods, services, income, or profits of persons. There are different parameters for determining who, when, how, and where to pay taxes in Nigeria. After a taxable person registers for tax, the next step…
The tax registration process in Nigeria should be seamless one. It’s the beginning of communication with the TaxMan. We’ve put together answers to questions on tax registration with the Federal Inland Revenue Service (FIRS). Enjoy! FAQ 1. I have a new business. How…
Taxpayers in Nigeria have an additional time of one month to file the company income tax (CIT) returns for the 2021 year of assessment (YOA). The new due date is 31 July 2021. Federal Inland Revenue Service (FIRS) will suspend penalties and interest…
If you want answers to common questions on Nigerian PAYE tax, you are in the right place. Personal income tax is a type of direct tax that impacts the net salary of an employee. We’ve addressed twelve (12) frequently asked questions on Nigerian…
The central tax authority in Nigeria has launched an online portal for tax filing and administration affairs. Taxpayers can register a new business, make payments, and access their withholding tax status through TaxPro Max, an online portal. TaxPro Max is the latest automated…
