Nigeria Tax Highlights – March 2020

Apart from being the end of Quarter 1 2020, March 2020 was a defining moment in the Nigerian tax system. Tax and regulatory authorities had to issue various concessions due to the COVID-19 pandemic. In case you missed the major tax headlines, here are the top seven (7) events that shaped the Nigeria tax space in March 2020.  

    1. The Federal Inland Revenue Service (FIRS) is about to launch an automated VAT filing and collection system for branded shops, superstores, general supermarkets, standard restaurants and eateries in Nigeria. Effective from 1 April 2020. For more details, click here.

    2. FIRS extends filing deadline for monthly and annual tax returns and gives waiver amid COVID-19 threat. More details here.

    3. FIRS introduces an electronic filing of transfer pricing returns. The e-filing platform will allow companies to file their TP declaration forms, TP disclosure forms, CbCR notification forms, and CbCR report online. More details here.

    4. To lower the effect of the COVID-19 pandemic, Nigeria lawmakers have passed the Emergency Economic Stimulus Bill 2020. The three incentives include income tax rebate, import duty waiver, and deferred mortgage payments subject to specific conditions. More details here.

    5. Lagos State Internal Revenue Service (LIRS) extends the deadline for filing annual individual tax returns by 2 months. Taxpayers can submit returns on the online portal. For more details, please click here.

    6. Federal Capital Territory Internal Revenue Service (FCT-IRS) extends the time to file annual individual tax returns by 3 months. More details here.

    7. Nigerian Stock Exchange (NSE) and the National Insurance Commission (NAICOM) extend the time to file statutory returns. More details here.

Overall, the Emergency Economic Stimulus Bill (2020) and the palliative measures from FIRS attracted the highest feedback. A snapshot of Nigeria tax highlights for March 2020 is available here.

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