It is also great to reflect and check out the tax events that sparked the most attention. We’ve gathered the top 10 Nigeria tax blog posts for the year 2020. Read on to discover the most-read tax trends of 2020. Enjoy!
Starting from number 10 to 1...
- 10 – Downward review of land use charge rate in Lagos State
Lagos State Government reversed the Land use charge rates to the values before 2018. For more details on the new land use charge, click here.
- 9 – VAT Modification Order 2020
The Federal Government of Nigeria released an official gazette on the VAT Modification Order 2020. The Order contained comprehensive details of the items that are exempt from Value Added Tax (VAT). To read more, click here.
- 8 – TAT ruling on withholding tax
Tax Appeal Tribunal rules that withholding tax does not apply to sales in the ordinary course of business. The decision in Tetra-Pak West Africa Limited Vs. FIRS (Federal Inland Revenue Service). The link to the full article is here.
- 7 - Automated filing of VAT returns for restaurants etc.
FIRS introduced a unique e-filing portal of monthly VAT returns for specific businesses. The businesses cover supermarkets, branded shops, superstores, eateries, and restaurants. To read more, click here.
- 6 – Self-certification form
FIRS released Self-Certification (SC) forms for foreign residents in Nigeria. The SC forms align with the Income Tax Regulations (Common Reporting Standards) 2019. To read more, click here.
- 5 – Stamp duty
Further to the Finance Act 2019, FIRS released a list of transactions and rates for stamp duty. Controversial areas were stamp duty on bank transactions, tenancy agreement, and the competent authority. To read more, click here.
- 4 – Removal of commencement rule
FIRS offered clarification on the deletion of the commencement rule in the Finance Act 2019. The notice also stated how to treat transition issues for new businesses. To read more, click here.
- 3 - Filing of 2020 Form H1 returns in Lagos State
Lagos State Internal Revenue Service (LIRS) released a public notice as a reminder to file annual employer tax returns (2020 Form H1). To read more, click here.
- 2 – New VAT forms
FIRS introduced three new forms for filing monthly VAT returns. To read more, click here.
- 1 – Finance Bill 2019 signed into law
President Buhari signed the Finance Bill 2019 into law on 13 January 2020. FIRS also announced the commencement date for VAT provisions in the Finance Act 2019. The public notice was to help the administrative transition to the new law. To read more, click here.