The Federal Inland Revenue Service (FIRS) has released a list of exchange partners under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information for reportable Financial Institutions. The number of countries as of January 2022 is 108,…
Federal Internal Revenue Service (FIRS) has released guidelines on a simplified compliance regime for value added tax for non-resident suppliers (The Guidelines). The Guidelines clarify the obligations and procedures for value added tax (VAT) compliance by non-resident suppliers (NRS) supplying…
The Federal Inland Revenue Service (FIRS) has issued guidance on the taxation of non-residents in Nigeria. FIRS Information Circular No. 2021/07 of 3rd June 2021 provides information on the Nigerian tax laws for non-residents (individuals or corporate) and their liability…
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 information of non-resident persons in…
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, turnkey project, and dependent agent.…
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 information on bank accounts of…
Nigeria has a tax treaty or double taxation agreement (DTA) with 16 countries. A tax treaty is a bilateral agreement between two countries that helps to settle issues on double taxation. Four (4) legislation on income tax already contains rules…
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. Yet, foreign individuals and companies…
