FIRS recently issued self-certification forms for foreign residents with bank accounts in Nigeria. The new documentation is further to the Income Tax Regulation 2019. Nigeria has an agreement with 109 jurisdictions to share bank account…
Introduction Physical presence in traditional service delivery is easy to monitor. Under this system, a tax authority can determine whether a non-resident person is taxable in a country based on factors such as fixed base,…
Several countries want to lower cross-border tax evasion through the use of the Income Tax (Common Reporting Standard) Regulations 2019 or CRS Regulations. The CRS Regulations provide guidelines that financial institutions must follow when reporting…
Nigeria has a tax treaty or double taxation agreement (DTA) with 14 countries. A tax treaty is a bilateral agreement between two countries which helps to settle issues on double taxation. Four (4) legislation on…
The income of a person or company will be liable to tax in Nigeria based on residence. A local business that generates all its profits in the country is, thus, a tax resident in Nigeria….
Nigeria’s Federal Inland Revenue Service (FIRS) has issued a regulation on the automatic exchange of information with 105 countries on financial accounts. The co-operation of tax authorities in different countries will help to reduce tax evasion and…
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…
Businesses engaged in cross-border transactions must address the impact of their operations in another country. One of the vital issues is international tax, including double taxation and transfer pricing adjustment. This could lead to a…
Each country has its own tax laws. Nigeria, for instance, adopts the residency principle while some countries apply the source principle in deciding whether a taxpayer will pay tax in that jurisdiction. Hence, if a…
The Federal High Court, Lagos (“FHC”) has revoked the decision of the Tax Appeal Tribunal (“TAT”) in Gazprom Oil and Gas Nigeria Limited (Gazprom) v. Federal Inland Revenue Service (FIRS) relating to services which Gazprom…