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…
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…
To lower the impact of COVID-19 on taxpayers, the Lagos State Internal Revenue Service (LIRS) has extended the time for filing the annual individual tax returns (Form A) by 2 months. The new deadline for filing Form A is 31…
Federal Inland Revenue Service (FIRS) has introduced specific steps to lower the impact of COVID-19 risk on taxpayers and other stakeholders. The response focuses extension of time to file returns, e-filing, a portal for tax audit as well as new…
One of the objectives of the Nigerian tax system is Flexibility. Taxes in Nigeria should be flexible enough to respond to the changing environment. Taxpayers are a major stakeholder in the Nigerian tax system. Without taxpayers or taxable activities in…
The Tax Appeal Tribunal (TAT) ruled that a company should pay excess dividend tax of NGN1.63billion on the tax-exempt profits distributed to shareholders. In the case between the Federal Inland Revenue Service (FIRS) and Ecobank Nigeria Plc. (Ecobank or the…
Recently, the Tax Appeal Tribunal affirmed that the additional liability of ₦1.74 billion on Prime Plastichem Nigeria Limited was legal. The decision in a transfer pricing dispute on 19 February 2020 between Prime Plastichem Nigeria Limited and FIRS (the Federal…
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…
