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…
The Federal Inland Revenue Service (FIRS) has started to enforce compliance with the Income Tax (Country-by-Country Reporting) Regulations (2018) in Nigeria. Under the Country-by-Country Reporting (CbCR) Regulations, multinational enterprises (MNEs) should provide the total details of income, tax paid, and…
The Federal Internal Revenue Service (FIRS) has postponed the freezing of bank accounts of taxpayers who are yet to pay tax. In its letter issued to banks and dated 15 February 2019, FIRS agreed that the suspension was important due…
Here are four (4) facts on the latest public notice on Transfer Pricing (TP) regulations, 2018 issued by the Federal Inland Revenue Service on October 3, 2018. Is this the first TP regulation in Nigeria? Answer: No. The revised Income Tax…
Taxpayer identification number (TIN) is essential for opening a corporate bank account in Nigeria. A tax resident who supplies goods or services is expected to apply for TIN with the Federal Inland Revenue Service (FIRS). Thereafter, a taxpayer uses TIN for tax…
Federal Inland Revenue Service (FIRS) has revised the Transfer Pricing Regulations in Nigeria. First, the new scope of Transfer Pricing Regulations (TPR) includes related or associated transactions based on the provisions of Capital Gains Tax (CGT) Act and Value Added…
