Introduction Physical presence in traditional service delivery is easy to monitor. Under this system, a tax authority can determine whether a non-resident person is taxable in a country based on factors such as fixed base, turnkey project, and dependent agent.…
Federal Inland Revenue Service (FIRS) will resume field audit, investigation, and monitoring exercises. The Federal tax authority suspended field reviews in April 2020 due to low business activities during the COVID-19 pandemic. As the Federal Government has given businesses the…
Federal Inland Revenue Service (FIRS) extends the time for tax defaulters to enjoy penalty and interest waiver by one month. To enjoy the waiver of penalties and interests, a taxpayer must liquidate the outstanding tax liabilities on or before 30…
When a person supplies taxable goods and services, the value added tax rate in Nigeria is 7.5% except for zero-rated and exempt items. The Finance Act 2019 contains changes to several provisions of the VAT Act, including exempt items in…
Nigerian tax system took a giant stride in 2020. Effective 13 January 2020, the Finance Act 2019 introduced significant changes to seven tax laws. It is the first move since Nigeria became a democratic state in 1999. Taxpayers also looked…
For amounts payable to the Federal Inland Revenue Service (FIRS), the relevant tax office of a taxpayer depends on four (4) factors. They are the nature of the industry, location, residency status, and turnover of the business. FIRS may assign…
Several countries want to lower cross-border tax evasion through the use of the Income Tax (Common Reporting Standard) Regulations 2019 or CRS Regulations. The CRS Regulations provide guidelines that financial institutions must follow when reporting information on bank accounts of…
In March 2020, taxpayers in Lagos State received an additional period of 2 months to file the annual individual tax returns or Form A. The revised due date was May 30, 2020. However, Lagos State Internal Revenue Service (LIRS) has…
