Nigeria Tax Highlights for August 2019

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. 

1. 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.
2. 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.
3. 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.
4. 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.