Recently, the Federal Inland Revenue Service (FIRS) issued a public notice on the filing of tax returns based on segment. Before a taxpayer can pay tax in Nigeria, the company or individual must register for taxes with the relevant tax authority. There…
Compliments of the season. Welcome to BRC’s monthly series on Tax Highlights in Nigeria. It’s the final edition for the year 2019. Tax events in December 2019 did not slow down despite the festive mood at fiscal year-end. Here are four (4) top…
The Federal Inland Revenue Service (FIRS) has issued a Public Notice dated 17 December 2019 on a nationwide tax enforcement exercise to collect all outstanding taxes from tax defaulters. According to the notice, the recovery exercise will start on 24…
President Muhammadu Buhari has appointed Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS). FIRS is responsible for assessing, collecting and accounting for tax and other revenue accruing to the Federal Government of Nigeria.…
The income of a person or company will be liable to tax in Nigeria based on residence. A local business that generates all its profits in the country is, thus, a tax resident in Nigeria. Yet, foreign individuals and companies…
Welcome to BRC’s monthly series on Tax Highlights in Nigeria. September 2019 was a busy month in the tax space in Nigeria. Here are five (5) major events that shaped the Nigeria tax space in September 2019. Businesses in Nigeria…
Nigeria’s Federal Inland Revenue Service (FIRS) has issued a regulation on the automatic exchange of information with 105 countries on financial accounts. The co-operation of tax authorities in different countries will help to reduce tax evasion and enhance the reliability of tax…
Federal Inland Revenue Service (FIRS) has issued a notice on how it intends to recover unpaid tax from certain companies. These are companies that are yet to regularize their tax affairs despite the lien placed on their corporate bank accounts.…
