Nigerian tax system took a giant stride in 2020. Effective 13 January 2020, the Finance Act 2019 introduced significant changes to seven tax laws. It…
For amounts payable to the Federal Inland Revenue Service (FIRS), the relevant tax office of a taxpayer depends on four (4) factors. They are the…
Several countries want to lower cross-border tax evasion through the use of the Income Tax (Common Reporting Standard) Regulations 2019 or CRS Regulations. The CRS…
In March 2020, taxpayers in Lagos State received an additional period of 2 months to file the annual individual tax returns or Form A. The…
In financial accounting, a business can depreciate its fixed assets with a straight-line method or reducing balance method or units of production. However, the principle…
Federal Inland Revenue Service (FIRS) has issued an information circular to clarify the amendments to the Value Added Tax (VAT) Act 2004 in the Finance…
Usually, the gross salary on an employment contract differs from the monthly salary which an employee receives. Our earlier article on payroll and statutory contributions…
The Federal Inland Revenue Service (FIRS) has announced extra tax concessions in response to COVID-19. Option to pay tax in Naira: Tax is payable in…
As most businesses in Nigeria are on lockdown, economic activities have reduced. Low economic activities hurt fiscal revenue and cash flow. To boost tax revenue,…
Income tax is payable on taxable income or profits. However, a person with no taxable income may have a tax liability. In such a situation,…