The Lagos State Internal Revenue Service (LIRS) is about to merge the payer identification number (payer ID) of taxpayers in Lagos State with the tax identification number (TIN) of Joint Tax Board (JTB). LIRS announced its plan in a public…
The Federal Executive Council has approved a rate of 0.2 percent on qualifying imports coming into Nigeria from the African Union (AU) countries. This approval is a sequel to the decision reached at the AU Summit for Heads of States…
Recently, the Federal Inland Revenue Service (FIRS) revealed its plan to impose VAT on online transactions in Nigeria. Value Added Tax (VAT) is a tax imposed at 5% on the cost of goods and services supplied in Nigeria except for…
In Nigeria, the government generates revenue from the taxation of individuals and businesses. Nevertheless, the Federal Government of Nigeria may exempt a business from corporate income tax for a specific period. This type of tax exemption is known as a…
Under the Pension Reform Act (2014), only employers with 15 employees and above are required to contribute to the Pension Scheme. The Act further provides that private organizations with less than 3 employees will be governed by guidelines. There is…
“To be?” or “Not to be?” “Would President Mohammadu Buhari assent to the National Housing Fund (Establishment) Bill, 2018? That was the question on the lips of the Nigerian masses as they awaited the President’s verdict on the National Housing…
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…
