President Bola Ahmed Tinubu has signed four (4) Executive Orders to suspend provisions in the Finance Act (FA) 2023 and the Fiscal Policy Measures 2023. Details of the Executive Order are: Finance Act (Effective Date Variation) Order, 2023 shows a new commencement date of the FA 2023 as September 1 2023 rather than the initial…
. The Federal Inland Revenue Service (FIRS) has given companies additional time to file 2023 Companies Income Tax (CIT) Returns due on June 30 2023. Every company whose income tax returns for 2023 assessment year fall due from the June 30 to August 31 2023 have up till August 31 2023 to submit the returns….
There is a new way to claim input value added tax (VAT) on the TaxPro Max. The Federal Inland Revenue Service (FIRS) has released a guide for taxpayers should file their VAT returns for April 2023 in May 2023. Every field deactivated earlier on will be enabled, while the automatic credit for purchases will be…
The Minister of Industry, Trade, and Investment has issued the Industrial Inspectorate Regulations 2022 (Regulations). The Regulations show the application and collection fees for an acceptance certificate in Nigeria. Where a company does not meet the rule, FIRS may remove the capital allowances claimed for a year of assessment. This step can lead to additional…
Introduction The Federal Inland Revenue Service (FIRS) has released a circular on the withholding of value added tax (VAT) in Nigeria in line with the provisions of the VAT Act 2004 (as amended). 1.0 Legal basis A taxable person who receives a taxable supply in Nigeria from a Non-Resident should withhold and remit VAT. The…
Federal Inland Revenue Service (FIRS) has released a public notice on the filing of tax returns at the tax office closest to taxpayers’ operations. The announcement is in line with FIRS segmentation policy and industry-specific rules for taxing activities, including the filing of tax returns. The policy covers Large Tax Office (LTO), Micro and Small…
Introduction Federal Inland Revenue Service (FIRS) has released a new procedure, of less than 1 minute, for obtaining a tax clearance certificate (TCC). However, the new rule is subject to payment of outstanding taxes and will take effect from 1 January 2023. Before the announcement, the statutory time to approve or deny TCC was within…
The Federal Inland Revenue Service (FIRS) has waived interest and penalty for taxpayers on the TaxPro Max. FIRS waiver is in response to the additional interests and penalties on liabilities from monitoring, desk review, tax audit, and tax investigation when a taxpayer wants to obtain a Payment Reference Number (PRN) on TaxPro Max. TaxPro Max…
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 as amended. These companies will withhold VAT on all taxable supplies from customers. The amount…
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 at transaction points from online gaming transactions using the Sentinal National Payment Gateway and Electronic…