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FIRS introduces new Large Tax Office Non-Oil in Apapa

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…

Mandatory use of taxpayer identification number

Taxpayer identification number (TIN) is a unique number issued to a business or individual for tax purposes. After a new business registers with the Corporate Affairs Commission, the regulatory authority will generate TIN on the portal. A taxpayer can also verify…

FIRS postpones freezing of bank accounts

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…

VOARS

Voluntary Offshore Assets Regularization Scheme (VOARS) in Nigeria

What is VOARS? VOARS means Voluntary Offshore Assets Regularization Scheme. President Muhammadu Buhari issued the Executive Order 008 called Voluntary Offshore Assets Regularization Scheme (“VOARS” or “the Scheme”) on 8 October 2018. The Scheme allows Nigerian taxpayers to declare their…