LIRS introduces e-filing of annual tax returns

The Lagos State Internal Revenue Service (LIRS) has changed the tax filing narratives. According to the Personal Income Tax Act (PITA) Cap P8 LFN 2011…

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A complete guide on employer tax return in Nigeria

An employer is required to deduct Pay-As-You-Earn (PAYE) tax from employees' salary in each month. Thereafter, the employer must remit the amount to the relevant…

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Cessation rule in Nigeria

The going concern principle states that an entity will continue operations in perpetuity. In other words, the entity will not stop operations or liquidate its…

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Tax equalization for expatriates

Global mobility will be easier if employment tax rates are the same in every country. Well, it isn’t! The tax liability of an employee often…

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Capital allowance in Nigeria

Businesses often buy items that will generate benefits above 12 months. When these items are also tangible and hard to convert into cash, they are…

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Voluntary Offshore Assets Regularization Scheme (VOARS) in Nigeria

What is VOARS? VOARS means Voluntary Offshore Assets Regularization Scheme. President Muhammadu Buhari issued the Executive Order 008 called Voluntary Offshore Assets Regularization Scheme (“VOARS”…

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