Introduction Federal Inland Revenue Service (FIRS) has released a new procedure, of less than 1 minute, for obtaining a tax clearance certificate (TCC). However, the new rule is subject to payment of outstanding taxes and will take effect from 1 January 2023. Before the announcement, the statutory time to approve or deny TCC was within…
The Federal Inland Revenue Service (FIRS) has waived interest and penalty for taxpayers on the TaxPro Max. FIRS waiver is in response to the additional interests and penalties on liabilities from monitoring, desk review, tax audit, and tax investigation when a taxpayer wants to obtain a Payment Reference Number (PRN) on TaxPro Max. TaxPro Max…
The Federal Inland Revenue Service (FIRS) has issued a Public Notice appointing MTN, Airtel, and all money deposit banks as collection agents of VAT (value added tax). FIRS’ appointment is in line with Section 14(3) of the VAT Act 2004 as amended. These companies will withhold VAT on all taxable supplies from customers. The amount…
Recently the Federal Inland Revenue Service (FIRS) released a public notice on real-time direct collection of taxes from online gaming transactions. FIRS has an automated tax collection process for online gaming businesses, whether local or foreign. Taxes will be deducted at transaction points from online gaming transactions using the Sentinal National Payment Gateway and Electronic…
1.0 Introduction The Federal Inland Revenue Service (FIRS) has released an information circular dated September 1, 2022 for administering the National Agency for Science and Engineering Infrastructure Levy (NASENI levy). The levy relies on the National Agency for Science and Engineering Infrastructure (Establishment) Act, Cap. N3 LFN, 2004 (as amended) (NASENI Act), Federal Inland Revenue…
The Lagos State Internal Revenue Service (LIRS) has issued a new way of generating bill references to pay taxes in Lagos State effective 1 August 2022. Taxpayers must generate bill references on the eTax portal for all tax payments, which makes other means of obtaining bill references invalid. The payment processes and procedures will be…
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 year of assessment (YOA). Please note the following; The additional time to…
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 tax, excess dividends tax Tax filing, Due date, Penalty Reference: Companies Income…
The Federal Inland Revenue Service (FIRS) has released a public notice on the submission of a certificate of acceptance. Section 3 of the Industrial Inspectorate Act, Cap. I8, LFN 2004 (as amended), provides that any person incurring Qualifying Capital Expenditure (QCE) of NGN500,000 and above must obtain a Certificate of Acceptance from the Industrial Inspectorate…
The Federal Inland Revenue Service (FIRS) has released a list of exchange partners under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information for reportable Financial Institutions. The number of countries as of January 2022 is 108, and the list is available here. Automatic Exchange of Information (AEOI) is the direct exchange of…