Federal Inland Revenue Service (FIRS) extends the time for tax defaulters to enjoy penalty and interest waiver by one month. To enjoy the waiver of penalties and interests, a taxpayer must liquidate the outstanding tax liabilities on or before 30…
Several non-essential businesses and workers stayed indoors in April 2020 due to the pandemic. As the Federal Government and State Government offered palliatives to citizens, so did FIRS to taxpayers. In case you missed the major tax headlines, here are…
Federal Inland Revenue Service (FIRS) has issued an information circular to clarify the amendments to the Value Added Tax (VAT) Act 2004 in the Finance Act 2019. The circular covers nine (9) sections. 1. Revised definition of goods and services…
Nigerian President has approved the waiver of Value Added Tax (VAT) and import duty for essential medical equipment and supplies. It takes effect from May 1, 2020, and is valid for an initial period of six months. Items that can…
As most businesses in Nigeria are on lockdown, economic activities have reduced. Low economic activities hurt fiscal revenue and cash flow. To boost tax revenue, the Federal Inland Revenue Service (FIRS) has granted a palliative measure to taxpayers with outstanding…
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…
Federal Inland Revenue Service (FIRS) has introduced specific steps to lower the impact of COVID-19 risk on taxpayers and other stakeholders. The response focuses extension of time to file returns, e-filing, a portal for tax audit as well as new…
One of the objectives of the Nigerian tax system is Flexibility. Taxes in Nigeria should be flexible enough to respond to the changing environment. Taxpayers are a major stakeholder in the Nigerian tax system. Without taxpayers or taxable activities in…
There’s a recent update to fifteen laws covering tax as well as non-tax laws in Nigeria. On 31 December 2020, President Muhammadu Buhari approved the 2021 Appropriation Bill and Finance Act 2020. The Finance Act 2020 amends some provisions in…
Further to the tensions of Lagosians on the exorbitant rates for land use charge, the Lagos State Government has issued a reform that will ease the financial burden of residents. The Lagos State Government (LASG) has, therefore, reversed the rates…
