The Nigerian Senate has passed a bill to establish a Tertiary Healthcare/Hospitals Development Fund (THD Fund). The THD Fund will provide money for the rehabilitation, restoration, and consolidation of tertiary healthcare in Nigeria. The Tertiary Healthcare/Hospitals Development Fund shall provide and maintain the infrastructure necessary for tertiary healthcare delivery, carry-out health research and clinical training,…
Outline Introduction Objectives Regulatory bodies Petroleum operations and licenses Host Communities Development Frontier Exploration Fund Tax No longer in use Download Gazette and Article on PIA 2021 1. INTRODUCTION The first commercial discovery of oil in Nigeria was in 1956 in Oloibiri, Niger Delta. The discovery attracted other multinational oil companies to explore the onshore…
President Buhari signed the Petroleum Industry Act (PIA) 2021 into law on the 16th of August 2021. PIA contains five chapters. First chapter looks at the Governance and Institutions. Second chapter 2 covers the Administration while the third chapter 3 discusses Host Communities Development. Chapter 4 provides the fiscal framework for the petroleum industry. The…
The Federal Inland Revenue Service (FIRS) has issued guidance on the taxation of non-residents in Nigeria. FIRS Information Circular No. 2021/07 of 3rd June 2021 provides information on the Nigerian tax laws for non-residents (individuals or corporate) and their liability to taxes in Nigeria. It covers residence, non-residents, withholding tax, capital gains tax, jurisdiction, filing…
Multichoice Nigeria Limited (Multichoice) offers entertainment platforms such as DStv and GOtv. In April 2021, the Federal Inland Revenue Service (FIRS) issued a demand notice of NGN1.8trillion to Multichoice over an alleged NGN1.8 trillion tax evasion. Next, Multichoice appealed with the Tax Appeal Tribunal (TAT) in Lagos over FIRS’ demand note. Before the sitting, an…
Nigerian President has signed the Petroleum Industry Bill (PIB) 2020 into law. The PIB aims to reform the oil and gas sector after two decades of deliberation. Though Nigeria relies heavily on oil revenue, the industry was fraught with problems. Over the years, previous administrations had attempted to change the energy industry with no progress….
Effective 1 January 2021, the Finance Act 2020 introduced significant changes to fifteen laws covering tax and non-tax laws in Nigeria. The revenue authority usually releases information circulars to guide stakeholders on the administration of the Finance Act. Consequently, the Federal Inland Revenue Service (FIRS) has released three information circulars to clarify the Finance Act 2020….
Tax is a compulsory charge by the government on goods, services, income, or profits of persons. There are different parameters for determining who, when, how, and where to pay taxes in Nigeria. After a taxable person registers with the revenue authority, the next step is to know the type and amount of tax to pay….
The tax registration process in Nigeria should be a seamless one. It’s the beginning of a continuous interaction with the TaxMan. We’ve put together answers to common questions on tax registration with the Federal Inland Revenue Service (FIRS). We trust this will help to complete the TIN registration process. Enjoy! FAQ 1. How do I…
Taxpayers in Nigeria have an additional time of one month to file the company income tax (CIT) returns for the 2021 year of assessment (YOA). The new due date is 31 July 2021. Federal Inland Revenue Service (FIRS) will suspend penalties and interest for late filing of returns during the period. Companies can also upload…