Federal Inland Revenue Service (FIRS) has issued a notice on how it intends to recover unpaid tax from certain companies. These are companies that are yet to regularize their tax affairs despite the lien placed on their corporate bank accounts.…
Our previous article discussed the theory of capital allowance in Nigeria. Now, we shall consider four (4) examples on how to calculate capital allowance in Nigeria. Question 1: In January 2022, Company Bee bought plant and machinery for NGN…
On 24 June 2019, the Court of Appeal (CoA), supported the ruling of the Federal High Court (FHC), in Vodacom Business Nigeria Limited (Vodacom) and Federal Inland Revenue Service (FIRS) on the issue of value-added tax (VAT) on imported services…
As a fiscal measure to encourage investment in the capital market, the Federal Government of Nigeria issued the VAT (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (Exemption Order) on 25 July 2014. The Exemption Order amended the First…
The Court of Appeal has overruled the decision of the Federal High Court (“FHC”) in Stanbic IBTC Holdings Plc (“Stanbic”) vs Financial Reporting Council of Nigeria (FRCN) & Anor (2015), which declared that failure to get approval from NOTAP for…
June is one of the busiest tax filing seasons in Nigeria. It is the deadline for filing companies income tax (CIT) returns for taxpayers with financial year-end of 31 December. For companies with connected persons, it also the deadline for…
On 20 June 2019, the Tax Appeal Tribunal presiding in Abia State ruled in Nigerian Breweries Plc. vs Abia State Board of Internal Revenue & Ors that gratuities are tax-exempt under the Personal Income Tax (PIT) Act. The contentious issue…
The Tax Appeal Tribunal (“TAT”), on 18 June 2019, delivered a ruling on the exemption of voluntary pension contribution (VC) of employees from PAYE tax in Nexen Petroleum Nigeria Limited(“Appellant”) and Lagos State Internal Revenue Service (“Respondent”). Two major issues were; Whether…
