Finance Act (FA) 2023 contains changes in different provisions in the tax and other fiscal laws in Nigeria. FA 2023 will take effect from September 1, 2023 rather than May 1, 2023 based on the Finance Act (Effective Date Variation…
President Bola Ahmed Tinubu has signed four (4) Executive Orders to suspend provisions in the Finance Act (FA) 2023 and the Fiscal Policy Measures 2023. Details of the Executive Order are: Finance Act (Effective Date Variation) Order, 2023 shows a…
Effective 1 January 2021, the Finance Act 2020 introduced significant changes to fifteen laws covering tax and non-tax laws in Nigeria. The revenue authority usually releases information circulars to guide stakeholders on the administration of the Finance Act. Consequently, the Federal…
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…
The Federal Government (FG) has inaugurated an Inter-Ministerial Committee for the Audit and Recovery of Back-Years Stamp Duties. FG also launched the Federal Inland Revenue Service (FIRS) Adhesive Stamp. Both events took place on 30 June 2020. Members of the…
Nigerian tax system took a giant stride in 2020. Effective 13 January 2020, the Finance Act 2019 introduced significant changes to seven tax laws. It is the first move since Nigeria became a democratic state in 1999. Taxpayers also looked…
Taxpayer identification number (TIN) is a unique number issued to a business or individual for tax purposes. After a new business registers with the Corporate Affairs Commission, the regulatory authority will generate TIN on the portal. A taxpayer can also verify…
To clear the air on the implementation of the Finance Act 2019, the Federal Inland Revenue Service (FIRS) has joined the conversation! Recall that the Nigerian President signed the Finance Act into law on 13 January 2020 while the Finance…
