There’s good news for businesses in Lagos State, yet to file their annual tax returns. The Lagos State Internal Revenue Service (LIRS) has extended the time to file 2023 tax returns by seven (7) days. The initial due date of 31 January 2024 is no longer applicable, while the new deadline is Wednesday, 7 February…
As the first month in 2024 draws to an end, businesses are reminded to file their 2023 employer tax return. The annual tax return showing employee(s) income and PAYE tax paid from 1 January 2023 to 31 December 2023 will be due on 31 January 2024. Payroll tax returns should be filed with the relevant…
Federal Inland Revenue Service (FIRS) will commence the review of taxpayers’ compliance with value added tax (VAT) and withholding tax (WHT) across the nation. The monitoring exercise on all taxable persons begins on Monday, October 23, 2023. Taxable persons include Non-Governmental Organisations (NGOs), Ministries, Departments, and Agencies (MDAs) of government. FIRS officers will visit assigned…
Finance Act (FA) 2023 contains changes in different provisions in the tax and other fiscal laws in Nigeria. FA 2023 will take effect from September 1, 2023 rather than May 1, 2023 based on the Finance Act (Effective Date Variation Order) 2023. Further to the new effective date for the FA 2023, the Federal Inland…
President Bola Ahmed Tinubu has signed four (4) Executive Orders to suspend provisions in the Finance Act (FA) 2023 and the Fiscal Policy Measures 2023. Details of the Executive Order are: Finance Act (Effective Date Variation) Order, 2023 shows a new commencement date of the FA 2023 as September 1 2023 rather than the initial…
. The Federal Inland Revenue Service (FIRS) has given companies additional time to file 2023 Companies Income Tax (CIT) Returns due on June 30 2023. Every company whose income tax returns for 2023 assessment year fall due from the June 30 to August 31 2023 have up till August 31 2023 to submit the returns….
There is a new way to claim input value added tax (VAT) on the TaxPro Max. The Federal Inland Revenue Service (FIRS) has released a guide for taxpayers should file their VAT returns for April 2023 in May 2023. Every field deactivated earlier on will be enabled, while the automatic credit for purchases will be…
The Minister of Industry, Trade, and Investment has issued the Industrial Inspectorate Regulations 2022 (Regulations). The Regulations show the application and collection fees for an acceptance certificate in Nigeria. Where a company does not meet the rule, FIRS may remove the capital allowances claimed for a year of assessment. This step can lead to additional…
Introduction The Federal Inland Revenue Service (FIRS) has released a circular on the withholding of value added tax (VAT) in Nigeria in line with the provisions of the VAT Act 2004 (as amended). 1.0 Legal basis A taxable person who receives a taxable supply in Nigeria from a Non-Resident should withhold and remit VAT. The…
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 tax returns. The policy covers Large Tax Office (LTO), Micro and Small…