INTRODUCTION A tax return is a document submitted by a taxpayer to the revenue authority. The contents of a typical tax return include the taxpayer’s name, taxpayer identification number, month or year of assessment, income/profit, tax payable (if any), and declaration section. There are two instances where a taxable person will file tax returns in…
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…
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…
Tax is a compulsory charge by the government on goods, services, income, or profits of persons. There are different parameters for determining who, when, how, and where to pay taxes in Nigeria. After a taxable person registers with the revenue authority, the next step is to know the type and amount of tax to pay….
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 latest automated administration solution from the Federal Inland Revenue Service (FIRS). The portal displays…
Have you validated your company’s unutilized withholding tax (WHT) credit note position with the Federal Inland Revenue Service (FIRS)? Withholding tax is an advance payment of income tax. The amount withheld will be remitted to the relevant tax authority. Thereafter the WHT credit note can be used to offset an income tax liability. Taxpayers must…
Oil and gas companies operating under production sharing contracts (PSCs) in the Deep Offshore and Inland Basin are governed by the Deep Offshore and Inland Basin Production Sharing Contract (DOIBPSC) Act, Cap D3 LFN 2004. The Nigerian Senate has now passed a bill to amend the DOIBPSC Act 2004. The DOIBPSC (Amendment) Bill 2019 aims to…
The Tax Appeal Tribunal (TAT) on 21 August 2019 ruled that a taxpayer can pay a tax audit liability when the process for issuing the assessment is in line with the tax law; in the case between Polaris Bank Plc. (Polaris) and the Abia State Board of Internal Revenue (ABIABIR). ABIABIR issued a demand notice…
Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as collection agents for Capital Gains Tax (CGT). This appointment takes effect on 1 January 2019. According to LIRS, employers will withhold and remit CGT from compensation for loss of employment payable to employees. Loss of employment comes in various forms. They…
The Lagos State Internal Revenue Service (LIRS) has extended the time for filing 2018 employer tax returns by seven (7) days. The initial due date of 31 January 2019 is no more applicable. The new deadline is now Friday, 8 February 2019. This extension of time became necessary due to a large number of outstanding tax…