February 2019 was a much-awaited month for the Presidential elections in Nigeria. Apparently, the election period came with its attendant low pace in economic activities. Yet, the tempo of generating more tax revenue did not drop! The tax authority rolled-out three (3) initiatives to recover outstanding taxes from businesses. Here are five major events that shaped the Nigerian tax highlights in February.
- The Federal Inland Revenue Service (FIRS) froze the bank accounts of businesses with alleged tax liabilities. More details here.
- FIRS decision to freeze bank accounts of tax defaulters affected normal business operations of businesses. Taxpayers affected by the freezing order were required to regularize their tax position immediately. This led to a high influx of taxpayers into the tax offices. Further to its interaction with other stakeholders, FIRS suspended the bank freezing order, temporarily. More details here.
- Under transfer pricing regime, FIRS carried out enforcement actions on companies that failed to comply with the Income Tax (Country-by-Country Reporting) Regulations, 2018. More details here.
- FIRS aims to conclude ongoing tax audit using Notice of Refusal to Amend. More details here.
- Court of Appeal upholds Federal High Court’s ruling on tax obligations of an educational institution.