Nigeria’s Minister of Finance has released the Deduction of tax at source (Withholding) Regulations 2024 (Withholding regulations 2024). (Withholding regulations 2024 contain the revised rules for deducting tax on specific transactions from payments to taxable persons under the Capital Gains Tax Act, Companies Income Tax Act, Petroleum Profits Tax Act, and Personal Income Tax Act. Eligible…
President Bola Ahmed Tinubu has signed an Executive Order to boost the manufacturing of healthcare products in Nigeria. The Order allows zero tariffs, excise duties, and value added tax (VAT) on selected machinery, equipment, and raw materials. Healthcare products include pharmaceuticals, diagnostics, needles and syringes, biologicals, and medical textiles. Other items are active pharmaceutical ingredients,…
Technology has changed the way a business supplies goods or services. More so, a foreign company may not need to travel physically to conclude a transaction with a consumer in Nigeria. Another name for a foreign company is a non-resident company. In this article, we will learn how to register a foreign company for tax with…
“We will require your tax clearance certificate to……”. “Please submit your TCC to complete the application”. If you are an employee or self-employed person in Nigeria, you may have heard these words from a bank or government agency. The first step to managing the hassle is to know the information required to obtain an individual…
Federal Inland Revenue Service (FIRS) has introduced a new feature to ease the registration of new taxpayers in Nigeria. The self-registration module on TaxPro Max allows taxable persons to register for taxes with FIRS online. Taxpayers can now register with FIRS online, given the need to improve the ease of doing business in Nigeria. Businesses…
Introduction On 27 February 2024, the Federal Government of Nigeria launched the Expatriate Employment Levy Handbook. The Expatriate Employment Levy Handbook (EEL Handbook) contains guidelines for businesses that have expatriate employees in Nigeria. This article provides an overview of the EEL. Topics covered are the objective, scope, persons exempt, rate, registration process, responsibilities, and penalty….
There’s good news for businesses in Lagos State, yet to file their annual tax returns. The Lagos State Internal Revenue Service (LIRS) has extended the time to file 2023 tax returns by seven (7) days. The initial due date of 31 January 2024 is no longer applicable, while the new deadline is Wednesday, 7 February…
As the first month in 2024 draws to an end, businesses are reminded to file their 2023 employer tax return. The annual tax return showing employee(s) income and PAYE tax paid from 1 January 2023 to 31 December 2023 will be due on 31 January 2024. Payroll tax returns should be filed with the relevant…
Federal Inland Revenue Service (FIRS) will commence the review of taxpayers’ compliance with value added tax (VAT) and withholding tax (WHT) across the nation. The monitoring exercise on all taxable persons begins on Monday, October 23, 2023. Taxable persons include Non-Governmental Organisations (NGOs), Ministries, Departments, and Agencies (MDAs) of government. FIRS officers will visit assigned…
Finance Act (FA) 2023 contains changes in different provisions in the tax and other fiscal laws in Nigeria. FA 2023 will take effect from September 1, 2023 rather than May 1, 2023 based on the Finance Act (Effective Date Variation Order) 2023. Further to the new effective date for the FA 2023, the Federal Inland…