Several countries want to lower cross-border tax evasion through the use of the Income Tax (Common Reporting Standard) Regulations 2019 or CRS Regulations. The CRS Regulations provide guidelines that financial institutions must follow when reporting information on bank accounts of…
In March 2020, taxpayers in Lagos State received an additional period of 2 months to file the annual individual tax returns or Form A. The revised due date was May 30, 2020. However, Lagos State Internal Revenue Service (LIRS) has…
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…
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…
The Federal Inland Revenue Service (FIRS) has announced extra tax concessions in response to COVID-19. Option to pay tax in Naira: Tax is payable in the currency of the transaction. For transactions in foreign currency, taxes will be paid in…
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…
Lagos State Government has released Lagos State Infectious Diseases (Emergency Prevention) Regulations 2020 (the Regulation). The Regulation aims to prevent and lower the spread of COVID-19 in Lagos State. COVID-19, also referred to as Coronavirus, is a Dangerous Infectious Disease…
