June is one of the busiest tax filing seasons in Nigeria. It is the deadline for filing of companies income tax (CIT) returns for taxpayers with financial year-end of 31 December. For companies with connected persons, it also doubles as the deadline for…
On 20 June 2019, the Tax Appeal Tribunal presiding in Abia State ruled in Nigerian Breweries Plc. vs Abia State Board of Internal Revenue & Ors that gratuities are tax-exempt under the Personal Income Tax (PIT) Act. The contentious issue was whether the…
The Tax Appeal Tribunal (“TAT”), on 18 June 2019, delivered a ruling on the exemption of voluntary pension contribution (VC) of employees from PAYE tax in Nexen Petroleum Nigeria Limited(“Appellant”) and Lagos State Internal Revenue Service (“Respondent”). Two major issues were; Whether VC is exempt…
Welcome to BRC’s monthly series on Tax Highlights in Nigeria. The month of May 2019 was filled with hot topics in tax. Here are five (5) major events that shaped the Nigeria tax space in May 2019. The Federal Executive Council (FEC) approves a…
The Lagos State Internal Revenue Service (LIRS) is about to merge the payer identification number (payer ID) of taxpayers in Lagos State with the tax identification number (TIN) of Joint Tax Board (JTB). LIRS announced its plan in a public notice on TIN…
The Federal Executive Council has approved a rate of 0.2 percent on qualifying imports coming into Nigeria from the African Union (AU) countries. This approval is a sequel to the decision reached at the AU Summit for Heads of States and Government in…
Recently, the Federal Inland Revenue Service (FIRS) revealed its plan to impose VAT on online transactions in Nigeria. Value Added Tax (VAT) is a tax imposed at 5% on the cost of goods and services supplied in Nigeria except for items specifically exempted…
Welcome to BRC’s monthly series on Tax Highlights in Nigeria. The month of April 2019 was relatively calm with respect to tax events. Here are three (3) major events that shaped the Nigeria tax space in April 2019. President Muhammadu Buhari declines assent to…
In Nigeria, the government generates revenue from the taxation of individuals and businesses. Nevertheless, the Federal Government of Nigeria may exempt a business from corporate income tax for a specific period. This type of tax exemption is known as a Pioneer Status Incentive…
March 2019 started on a slow pace till the middle of the month. Here are four (4) major events that shaped the Nigeria tax space in March 2019. Federal Government plans to increase the Value Added Tax (VAT) rate. More details here. Senate…