The Federal Inland Revenue Service (FIRS) has issued a Public Notice appointing MTN, Airtel, and all money deposit banks as collection agents of VAT (value added tax). FIRS’ appointment is in line with Section 14(3) of the VAT Act 2004…
Recently the Federal Inland Revenue Service (FIRS) released a public notice on real-time direct collection of taxes from online gaming transactions. FIRS has an automated tax collection process for online gaming businesses, whether local or foreign. Taxes will be deducted…
1.0 Introduction The Federal Inland Revenue Service (FIRS) has released an information circular dated September 1, 2022 for administering the National Agency for Science and Engineering Infrastructure Levy (NASENI levy). The levy relies on the National Agency for Science and…
The Lagos State Internal Revenue Service (LIRS) has issued a new way of generating bill references to pay taxes in Lagos State effective 1 August 2022. Taxpayers must generate bill references on the eTax portal for all tax payments, which…
Companies whose income tax returns fall due between 30th June 2022 and 31st August 2022 can submit their returns on 31st August 2022. The Federal Inland Revenue Service (FIRS) has extended the deadline for filing the companies’ income tax returns…
A session on the topic “Understanding the basics of corporate taxation”. Corporate taxation is a tax on the profits of a company. It is a direct tax. The presentation looks at the following topics. Scope Residence Rate Profits exempt, expenses…
The Federal Inland Revenue Service (FIRS) has released a public notice on the submission of a certificate of acceptance. Section 3 of the Industrial Inspectorate Act, Cap. I8, LFN 2004 (as amended), provides that any person incurring Qualifying Capital Expenditure…
The Federal Inland Revenue Service (FIRS) has released a list of exchange partners under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information for reportable Financial Institutions. The number of countries as of January 2022 is 108,…
