Global mobility will be easier if employment tax rates are the same in every country. Well, it isn’t! The tax liability of an employee often changes during an international assignment. If an expatriate is tax resident in a foreign country,…
Businesses often buy items that will generate benefits above 12 months. When these items are also tangible and hard to convert into cash, they are called fixed assets. Each company is free to set a threshold for recognizing fixed assets…
In our daily lives, we usually come across people who sell goods and services to buyers at a price. The volume of sales could be on a small, medium, or even on a large scale. If you purchase an item…
What is VOARS? VOARS means Voluntary Offshore Assets Regularization Scheme. President Muhammadu Buhari issued the Executive Order 008 called Voluntary Offshore Assets Regularization Scheme (“VOARS” or “the Scheme”) on 8 October 2018. The Scheme allows Nigerian taxpayers to declare their…
Multinational companies often send employees to another country for business purposes. It could be a formal or an informal assignment. An example of an employee on formal assignment is an expatriate. An expatriate is a person residing in another (host)…
The Federal High Court, Lagos (“FHC”) has revoked the decision of the Tax Appeal Tribunal (“TAT”) in Gazprom Oil and Gas Nigeria Limited (Gazprom) v. Federal Inland Revenue Service (FIRS) relating to services which Gazprom received from a non-resident company.…
Taxpayer identification number (TIN) is essential for opening a corporate bank account in Nigeria. A tax resident who supplies goods or services is expected to apply for TIN with the Federal Inland Revenue Service (FIRS). Thereafter, a taxpayer uses TIN for tax…
Personal Income Tax is the charge on the income of individuals, trustees, and executors. In Nigeria, the key legislation is the Nigeria Tax Act 2025. The effective date of the Nigeria Tax Act is 1 January 2026. This article provides…
