Federal Inland Revenue Service (FIRS) has issued an information circular to clarify the amendments to the Value Added Tax (VAT) Act 2004 in the Finance Act 2019. The circular covers nine (9) sections. 1. Revised definition of goods and services…
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 Federal Inland Revenue Service (FIRS) is about to launch an automated VAT filing and collection system for branded shops, superstores, general supermarkets, standard restaurants and eateries in Nigeria. Effective from 1 April 2020, the electronic VAT platform (VATrac) will be the…
To clear the air on the implementation of the Finance Act 2019, the Federal Inland Revenue Service (FIRS) has joined the conversation! Recall that the Nigerian President signed the Finance Act into law on 13 January 2020 while the Finance…
The Federal Government of Nigeria wants to introduce excise duty on carbonated drinks such as soft drinks and beverages that contain carbonated water. Excise duty is a charge on the production, sale or use of certain locally produced goods. The…
The Nigerian Senate has proposed a Communication Service Tax Bill (2019) as extra revenue for the national budget. Communication service tax (CST) is a charge of 9% on electronic communication services such as voice calls, SMS, MMS, pay per view…
Federal Inland Revenue Service (FIRS) has issued a public notice that requires companies to deduct withholding tax (WHT) and value added tax (VAT) on payment to agents, dealers, distributors, and retailers. Companies, especially those in the Fast Moving Consumer Goods…
On 24 June 2019, the Court of Appeal (CoA), supported the ruling of the Federal High Court (FHC), in Vodacom Business Nigeria Limited (Vodacom) and Federal Inland Revenue Service (FIRS) on the issue of value-added tax (VAT) on imported services…
As a fiscal measure to encourage investment in the capital market, the Federal Government of Nigeria issued the VAT (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (Exemption Order) on 25 July 2014. The Exemption Order amended the First…
The Federal Executive Council has approved a rate of 0.2 percent on qualifying imports coming into Nigeria from the African Union (AU) countries. This approval is a sequel to the decision reached at the AU Summit for Heads of States…