Nigeria has joined a host of other countries around the globe that have rolled out economic palliatives in response to the COVID-19 pandemic. Five (5) regulatory bodies have extended the time to file statutory returns while Nigerian lawmakers have proposed a Bill to improve the economic welfare of businesses and individuals. Federal Inland Revenue Service…
To lower the impact of COVID-19 on taxpayers, the Lagos State Internal Revenue Service (LIRS) has extended the time for filing the annual individual tax returns (Form A) by 2 months. The new deadline for filing Form A is 31 May 2020. More details on Form A in Nigeria is here. Taxpayers can access their…
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 health rules. FIRS extends filing deadline The due date for filing value added…
One of the objectives of the Nigerian tax system is Flexibility. Taxes in Nigeria should be flexible enough to respond to the changing environment. Taxpayers are a major stakeholder in the Nigerian tax system. Without taxpayers or taxable activities in the economy, there will be minimal need for tax authorities. Work-from-home policy, supply-chain interruptions, restricted…
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 only approved way to file VAT returns and process payments of these businesses. Covered businesses…
The Tax Appeal Tribunal (TAT) ruled that a company should pay excess dividend tax of NGN1.63billion on the tax-exempt profits distributed to shareholders. In the case between the Federal Inland Revenue Service (FIRS) and Ecobank Nigeria Plc. (Ecobank or the Bank). FIRS conducted a tax audit on Ecobank for the 2015 and 2016 financial years….
The Federal Inland Revenue Service (FIRS) has issued a public notice on the due date for filing and payment. FIRS notice is further to section 77 of the Companies Income Tax Act (CITA) 2004 as amended and Section 18 of the Finance Act 2019. Filing of tax returns and tax payment are two different activities. A complete…
Taxpayer identification number (TIN) is a unique number issued to a business or individual for tax purposes. After a new business registers with the Corporate Affairs Commission, the regulatory authority will generate TIN on the portal. A taxpayer can also verify TIN details and print a TIN certificate from the TIN Verification Portal. Section 3 of…
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 Minister announced the Act would be in force from 1 February 2020. The next step…
On 22 January 2020, the Tax Appeal Tribunal in South-South zone decided that a tax authority is not allowed to carry out PAYE tax audit on a taxpayer beyond 6 years except in cases of fraud, wilful default or neglect; in the case between DeltaAfrik Engineering Nigeria and Akwa Ibom State Board of Internal Revenue. …