Tax

Chi Limited Vs FIRS – TAT ruling on input VAT claimable

Posted onFebruary 18, 2022March 24, 2023 Updated onMarch 24, 2023

Indirect Tax | Tax
VAT rate in Nigeria
Posted onApril 16, 2025April 16, 2025 Updated onApril 16, 2025
The value added tax (VAT) rate in Nigeria is seven point five percent (7.5%). However, the VAT rate cannot be applied to all transactions. Why? Some goods and services are either zero-rated or exempt from VAT. In such instances, the standard VAT rate in Nigeria of 7.5% will not apply to these items. Therefore, it…
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Petroleum Profit Tax | Tax
President Buhari signs the Petroleum Industry Bill into Law
Posted onAugust 17, 2021March 24, 2023 Updated onMarch 24, 2023
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….
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Business | Tax
FIRS postpones freezing of bank accounts
Posted onFebruary 15, 2019February 1, 2024 Updated onFebruary 1, 2024
The Federal Internal Revenue Service (FIRS) has postponed the freezing of bank accounts of taxpayers who are yet to pay tax. In its letter issued to banks and dated 15 February 2019, FIRS agreed that the suspension was important due to administrative reasons. However, the suspension lasts for 30 days with immediate effect. Earlier, FIRS…
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PAYE Tax | Tax
PAYE Tax Nigeria – Guide to taxation of employees
Posted onSeptember 5, 2018January 30, 2026 Updated onJanuary 30, 2026
Personal Income Tax is the charge on the income of individuals, trustees, and executors. In Nigeria, the key legislation is the Nigeria Tax Act 2025. The effective date of the Nigeria Tax Act is 1 January 2026. This article provides a guide on the taxation of employees (PAYE tax) in Nigeria. Employees pay tax based…
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Direct Tax | PAYE Tax | Tax
LIRS extends deadline for filing 2018 employer tax returns
Posted onJanuary 30, 2019March 27, 2024 Updated onMarch 27, 2024
The Lagos State Internal Revenue Service (LIRS) has extended the time for filing 2018 employer tax returns by seven (7) days. The initial due date of 31 January 2019 is no more applicable. The new deadline is now Friday, 8 February 2019. This extension of time became necessary due to a large number of outstanding tax…
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PAYE Tax | Tax
Filing of 2023 employer tax returns in Nigeria
Posted onJanuary 26, 2024October 2, 2025 Updated onOctober 2, 2025
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…
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