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…
The central tax authority in Nigeria has launched an online portal for tax filing and administration affairs. Taxpayers can register a new business, make payments, and access their withholding tax status through TaxPro Max, an online portal. TaxPro Max is…
The Tax Appeal Tribunal (TAT) ruled that sales in the ordinary course of business are not subject to withholding tax (WHT). The decision was reached in a WHT dispute on 30 November 2020 between Tetra Pak West Africa Limited and…
Once upon a time, new companies in Nigeria paid taxes twice on the same profits. This unique tax provision, known as the commencement rule, applied to only new businesses in the first three years of operation. The three years of…
Introduction Physical presence in traditional service delivery is easy to monitor. Under this system, a tax authority can determine whether a non-resident person is taxable in a country based on factors such as fixed base, turnkey project, and dependent agent.…
In financial accounting, a business can depreciate its fixed assets with a straight-line method or reducing balance method or units of production. However, the principle is different for calculating the capital allowance. All taxpayers must use the same rate. Schedule…