Six months ago, the Federal Inland Revenue Service (FIRS) appointed banks as agents of defaulting taxpayers an annual bank turnover of NGN1 billion. The goal was to freeze the bank account balances and distrain properties of tax debtors. Now, FIRS…
Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as collection agents for Capital Gains Tax (CGT). This appointment takes effect on 1 January 2019. According to LIRS, employers will withhold and remit CGT from compensation…
The Rivers State Internal Revenue Service (RIRS) has automated its tax management and administration process. Tax payers in Rivers State can now manage their tax affairs using the online portal, Rivers State Tax Management Information System (RivTaMis). Overall, the e-filing services…
The Lagos State Internal Revenue Service (LIRS) has extended the time for filing 2018 employer tax returns by seven (7) days. The initial due date of 31 January 2019 is no more applicable. The new deadline is now Friday, 8…
On Friday, Nigeria’s President, Muhammadu Buhari, signed an Executive Order 007, 2019 called Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. The new order will allow companies in the private sector to repair, develop and maintain major roads across…
In financial accounting, net profit arises when revenue is greater than the cost otherwise it is a loss. The equation is different when it comes to assessable profit. Assessable profit is the profits from all sources in the year immediately…
Capital allowance is an allowance granted for income tax purposes instead of depreciation. It reduces the taxable profits and tax liability of a business. However, a taxpayer in Nigeria must fulfill four (4) conditions so as to claim capital allowance…
The Lagos State Internal Revenue Service (LIRS) has changed the tax filing narratives. According to the Personal Income Tax Act (PITA) Cap P8 LFN 2011 (as amended), every employer shall file an employer tax returns (Form H1) with the relevant…
