Welcome to BRC’s monthly series on Tax Highlights in Nigeria. In August 2019, the Federal Inland Revenue Service (FIRS) released two public notices. The third event was a tax dispute while the fourth event was revocation of one regulation. Here are four (4) major events that shaped the Nigeria tax space in August 2019.
- Financial Reporting Council of Nigeria (FRCN) revokes Rule 4. Rule 4 requires a company to obtain approval or register specific transactions with the relevant regulatory body in Nigeria before an entity can report such transaction in audited financial statements. More details here.
- Federal Inland Revenue Service issues a public notice on recovery of unpaid tax from companies yet to regularize their tax affairs despite the lien placed on their corporate bank accounts. More details here.
- Federal Inland Revenue Service (FIRS) issued a public notice that requires companies to deduct withholding tax (WHT) and value added tax (VAT) on payment to agents, dealers, distributors, and retailers. More details here.
- Tax Appeal Tribunal (TAT) ruled that a taxpayer can pay a tax audit liability when the process for issuing the assessment is in line with the tax law; in the case between Polaris Bank Plc. and the Abia State Board of Internal Revenue. More details here.
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