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…
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…
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…
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…
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…
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 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…
President Muhammadu Buhari has appointed Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS). FIRS is responsible for assessing, collecting and accounting for tax and other revenue accruing to the Federal Government of Nigeria.…
