February 2019 was a much-awaited month for the Presidential elections in Nigeria. Apparently, the election period came with its attendant low pace in economic activities. Yet, the tempo of generating more tax revenue did not drop! The tax authority rolled-out three (3) initiatives…
The Federal Inland Revenue Service (FIRS) has started issuing Notice of Refusal to Amend (“NORA” or “the notice”) to companies with open tax audit exercises. Companies affected by the notice include; taxpayers that have previously objected to FIRS demand notice and taxpayers that…
Businesses engaged in cross-border transactions must address the impact of their operations in another country. One of the vital issues is international tax, including double taxation and transfer pricing adjustment. This could lead to a tax dispute between a taxpayer and the tax…
The Federal Inland Revenue Service (FIRS) has started to enforce compliance with the Income Tax (Country-by-Country Reporting) Regulations (2018) in Nigeria. Under the Country-by-Country Reporting (CbCR) Regulations, multinational enterprises (MNEs) should provide the total details of income, tax paid, and economic activity in…
The Federal Internal Revenue Service (FIRS) has postponed the freezing of bank accounts of taxpayers who are yet to pay tax. In its letter issued to banks and dated 15 February 2019, FIRS agreed that the suspension was important due to administrative reasons.…
Six months ago, the Federal Inland Revenue Service (FIRS) appointed banks as agents of defaulting taxpayers an annual bank turnover of NGN1 billion. The goal was to freeze the bank account balances and distrain properties of tax debtors. Now, FIRS intends to recover…
The year 2019 started on a good note. In Nigeria, tax attracted lots of predictions on aggressive revenue drive after the elections in February. BRC kept tabs on five (5) major tax topics in January 2019. Here goes….. The Federal Government of Nigeria…
Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as collection agents for Capital Gains Tax (CGT). This appointment takes effect on 1 January 2019. According to LIRS, employers will withhold and remit CGT from compensation for loss of…
