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…
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…
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…
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…
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…
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…
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…
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.…
