Allowable expenses are expenses that can reduce the taxable income (or profit) of an individual or business. Another name for an allowable expense is a tax-deductible (TD) expense. This type of expense lowers the amount of tax payable. Tax payable…
. 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…
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…
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…
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…
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…
Outline Introduction Objectives Regulatory bodies Petroleum operations and licenses Host Communities Development Frontier Exploration Fund Tax No longer in use Download Gazette and Article on PIA 2021 1. INTRODUCTION The first commercial discovery of oil in Nigeria was in 1956…
Taxpayers in Nigeria have an additional time of one month to file the company income tax (CIT) returns for the 2021 year of assessment (YOA). The new due date is 31 July 2021. Federal Inland Revenue Service (FIRS) will suspend…
