A taxable person is required to register for taxes in Nigeria. Individuals, employees, partnerships, and communities pay personal income tax in Nigeria. Personal income tax is payable to the relevant tax authority. Tax residents in Lagos State usually pay tax…
The Federal Inland Revenue Service (FIRS) has released a public notice on the deployment of its Automated Tax Administration Solution. The automation exercise will start on 1 May 2021. FIRS will connect its Automated Tax Administration Solution to tax records,…
The Tax Appeal Tribunal (TAT) ruled that sales in the ordinary course of business are not subject to withholding tax (WHT). The decision was reached in a WHT dispute on 30 November 2020 between Tetra Pak West Africa Limited and…
After the Corporate Affairs Commission (CAC) issues a certificate of incorporation or registration certificate to a business, what next? This is a common question for new business owners in Nigeria. Depending on the type of industry, a new corporation may…
Upon commencement of a business in Nigeria, a taxable person shall register for taxes. Every taxable person will register with the Federal Inland Revenue Service (FIRS) as well as the relevant State Internal Revenue Service (IRS). Registration with FIRS does…
The Federal Inland Revenue Service (FIRS) has released three new forms for filing monthly Value Added Tax (VAT) returns. Two VAT Form 002 that applies to head office and branch office while the third Form 006 is for withholding VAT…
The COVID-19 pandemic has changed the way businesses sustain their operations; likewise, the tax and regulatory authorities. A tax authority may choose from two options in the post COVID-19 economy. Option 1: Maintain status-quo and wait for taxpayers to settle…
Federal Inland Revenue Service (FIRS) has allowed additional time for tax defaulters to enjoy penalty and interest waiver by two (2) months. The tax waiver covers outstanding tax payments on self-assessment filing, tax audit, investigation, and desk review assessments. It…
After the tax authority conducts an audit on business records, the next step is usually a tax audit reconciliation meeting. The purpose is to resolve any outstanding tax issues in a physical visit to the tax office. However, the COVID-19…
Federal Inland Revenue Service (FIRS) will resume field audit, investigation, and monitoring exercises. The Federal tax authority suspended field reviews in April 2020 due to low business activities during the COVID-19 pandemic. As the Federal Government has given businesses the…
