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 112 countries (2022) on financial accounts. The co-operation of tax authorities in different countries will help to reduce tax evasion and enhance the reliability…
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.…
Recently, the Federal Inland Revenue Service (FIRS) revealed its plan to impose VAT on online transactions in Nigeria. Value Added Tax (VAT) is a tax imposed at 5% on the cost of goods and services supplied in Nigeria except for…
The Federal Inland Revenue Service (FIRS) has started issuing Notice of Refusal to Amend (“NORA” or “the notice”) to companies with open tax audit exercises. Companies affected by the notice include; taxpayers that have previously objected to FIRS demand notice…
Businesses engaged in cross-border transactions must address the impact of their operations in another country. One of the vital issues is international tax, including double taxation and transfer pricing adjustment. This could lead to a tax dispute between a taxpayer…
