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. …
The Federal Government of Nigeria (FGN) has published the Finance Act, 2019, in the Official Gazette. FGN amended the provisions of seven tax laws in a single Act. While President Muhammadu Buhari signed the Finance Act into law on 13 January 2020, the Minister of Finance earlier announced that the Act would be effective 1…
Recently, the Federal Inland Revenue Service (FIRS) issued a public notice on the filing of tax returns based on segment. Before a taxpayer can pay tax in Nigeria, the company or individual must register for taxes with the relevant tax authority. There are two types of tax authorities in Nigeria. First, FIRS administers taxes payable to the…
Paying taxes is one of the four parameters that need major reform in the Ease of Doing Business in Nigeria. A taxpayer in Nigeria needs 347.4 hours to complete the tax compliance cycle which makes the country ranks as 159th out of 190 economies. Research also shows that a higher amount of government control in…
According to the Personal Income Tax Act (PITA) Cap P8 LFN 2011 (as amended), every employer shall file employer tax returns (Form H1) with the relevant tax authority by 31 January. The Lagos State Internal Revenue Service (LIRS) has issued a public notice directing employers to file their annual returns for the 2020 year of…
Nigeria had over 100 tax news in 2019, and in those, we covered a whole lot. Tax disputes, amendment bills, new legislation, public notices, circulars, the lien on bank accounts, tax treaty, transfer pricing, doing business in Nigeria — the list continues. We’ve rounded up our top 10 tax blog posts for the year 2019….
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 on double taxation relief. They are Sections 45 and 46 of the Companies Income Tax…
The Federal Inland Revenue Service (FIRS) has issued a Public Notice dated 17 December 2019 on a nationwide tax enforcement exercise to collect all outstanding taxes from tax defaulters. According to the notice, the recovery exercise will start on 24 December 2019. Taxpayers include individuals, partnerships, enterprises, companies, organizations, ministries, departments and agencies with outstanding…