For amounts payable to the Federal Inland Revenue Service (FIRS), the relevant tax office of a taxpayer depends on four (4) factors. They are the nature of the industry, location, residency status, and turnover of the business. FIRS may assign…
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…
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…
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…
In Nigeria, companies with related-party transactions may also have transfer pricing (TP) and country-by-country reporting (CbCR) responsibilities. These entities will file their TP and CbCR returns to the tax authority in the prescribed format. Thus far, the method of filing…
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…
