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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…

How to perform payroll tax reconciliation

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…

Finance Bill 2021 reaches Senate

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.…

Nigeria VAT compliance for non-resident suppliers

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…