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…
The Federal Inland Revenue Service (FIRS) has issued a Public Notice on stamp duties in the Stamp Duties Act as amended by the Finance Act 2019 (SDA). Stamp Duty is a charge either a fixed rate or ad valorem rate,…
The Federal Inland Revenue Service (FIRS) has released three new forms for filing monthly Value Added Tax (VAT) returns. Two VAT Form 002 that applies to head office and branch office while the third Form 006 is for withholding VAT…
In May 2020, the Minister of Finance, Budget, and National Planning released the Value Added Tax (Modification) Order 2020 or Order. The Order contained comprehensive details of the items that are exempt from Value Added Tax (VAT). Section 38 of…
The Federal Government (FG) has inaugurated an Inter-Ministerial Committee for the Audit and Recovery of Back-Years Stamp Duties. FG also launched the Federal Inland Revenue Service (FIRS) Adhesive Stamp. Both events took place on 30 June 2020. Members of the…
When a person supplies taxable goods and services, the value added tax rate in Nigeria is 7.5% except for zero-rated and exempt items. The Finance Act 2019 contains changes to several provisions of the VAT Act, including exempt items in…
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…
