Income tax is payable on taxable income or profits. However, a person with no taxable income may have a tax liability. In such a situation, the estimated charge is a minimum tax. As minimum tax affects individuals and corporations, this…
Federal Inland Revenue Service (FIRS) has introduced specific steps to lower the impact of COVID-19 risk on taxpayers and other stakeholders. The response focuses extension of time to file returns, e-filing, a portal for tax audit as well as new…
The Tax Appeal Tribunal (TAT) ruled that a company should pay excess dividend tax of NGN1.63billion on the tax-exempt profits distributed to shareholders. In the case between the Federal Inland Revenue Service (FIRS) and Ecobank Nigeria Plc. (Ecobank or the…
The Federal Inland Revenue Service (FIRS) has issued a public notice on the due date for filing and payment. FIRS notice is further to section 77 of the Companies Income Tax Act (CITA) 2004 as amended and Section 18 of the…
Education, as a way of learning, helps to inculcate the proper attitudes and social interaction on people. Tertiary education represents any form of education acquired after the secondary (or high) school level. This includes certificates from polytechnics, colleges of education,…
One of the main challenge facing the Nigeria Police is funding. President Muhammadu Buhari recently signed a new Act that creates additional source of revenue for the Nigeria Police. The Nigeria Police Trust Fund (Establishment) Act, 2019 aims to create…
In our previous article, we discussed the theory of capital allowance in Nigeria. Now, we shall consider three (3) examples on how to calculate capital allowance in Nigeria. Question 1: In January 2018, Company Bee bought plant and machinery…
The Court of Appeal has overruled the decision of the Federal High Court (“FHC”) in Stanbic IBTC Holdings Plc (“Stanbic”) vs Financial Reporting Council of Nigeria (FRCN) & Anor (2015), which declared that failure to get approval from NOTAP for…
June is one of the busiest tax filing seasons in Nigeria. It is the deadline for filing of companies income tax (CIT) returns for taxpayers with financial year-end of 31 December. For companies with connected persons, it also doubles as…
In Nigeria, the government generates revenue from the taxation of individuals and businesses. Nevertheless, the Federal Government of Nigeria may exempt a business from corporate income tax for a specific period. This type of tax exemption is known as a…