New companies in Nigeria are expected to file their first set of tax returns in line with the commencement rule. However, the Finance Act (2019) has changed the tax narrative. New companies, with effect from 13 January 2020, can now…
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…
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…
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…
On Friday, Nigeria’s President, Muhammadu Buhari, signed an Executive Order 007, 2019 called Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. The new order will allow companies in the private sector to repair, develop and maintain major roads across…
The going concern principle states that an entity will continue operations in perpetuity. In other words, the entity will not stop operations or liquidate its assets in the short term. Still, certain factors could force a company to stop operations.…
The World Bank (WB) released the much-awaited Ease of Doing Business 2019 Report on 31 October 2018. Each year, WB releases the Ease of Doing Business report which compares business regulation for local firms in 190 economies. Nigeria’s ranking fell from 145…
Jay launched his fantastic business last year. He used his personal savings to pay for office space and a laptop which he needed to start operations. Well, he did a couple of activities right to build his new business except…
