Under the Personal Income Tax (Amendment) Act 2011, we have two types of annual payroll tax returns. First, the annual employer tax return (Form H1) which shows the annual income and taxes of all employees in a company. More information…
Nigeria is getting ready for its first increase in Value Added Tax (VAT) rate since 1993. The Minister for Budget and National Planning, Udoma Udo Udoma and the Chairman of FIRS, Babatunde Fowler announced this on 19 March 2019. By…
Food. Clothing. Shelter (Housing). These are three basic needs of human beings. Housing is one of the key parameters for measuring the standard of living as well as the social status of a person. Housing is a product and a process. As a…
New companies in Nigeria are expected to file their first set of tax returns in line with the commencement rule. However, the Finance Act (2019) has changed the tax narrative. New companies, with effect from 13 January 2020, can now…
The Federal Inland Revenue Service (FIRS) has started issuing Notice of Refusal to Amend (“NORA” or “the notice”) to companies with open tax audit exercises. Companies affected by the notice include; taxpayers that have previously objected to FIRS demand notice…
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 tax dispute between a taxpayer…
The Federal Inland Revenue Service (FIRS) has started to enforce compliance with the Income Tax (Country-by-Country Reporting) Regulations (2018) in Nigeria. Under the Country-by-Country Reporting (CbCR) Regulations, multinational enterprises (MNEs) should provide the total details of income, tax paid, and…
The Federal Internal Revenue Service (FIRS) has postponed the freezing of bank accounts of taxpayers who are yet to pay tax. In its letter issued to banks and dated 15 February 2019, FIRS agreed that the suspension was important due…
