Nigeria had over 100 tax news in 2019, and in those, we covered a whole lot. Tax disputes, amendment bills, new legislation, public notices, circulars, the lien on bank accounts, tax treaty, transfer pricing, doing business in Nigeria — the list continues. We’ve rounded up our top 10 tax blog posts for the year 2019. Enjoy!
- 10 – Court of Appeal judgment on unregistered NOTAP agreement
The Court of Appeal overruled the decision of the Federal High Court in Stanbic IBTC Holdings Plc. vs Financial Reporting Council of Nigeria (FRCN) & Anor (2015). More details here.
- 9 – Communication Service Tax (Bill) 2019
The Nigerian Senate has proposed a Communication Service Tax at 9% on electronic communication services. More details here.
- 8 – FIRS ready to freeze bank accounts again
Federal Inland Revenue Service (FIRS) intends to recover tax debts from 40,000 businesses with the help of banks and the Nigerian Police. More details here.
- 7 – LIRS issues public notice on TIN registration
The Lagos State Internal Revenue Service (LIRS) is about to merge the payer identification number (payer ID) of taxpayers in Lagos State with the tax identification number (TIN) of the Joint Tax Board (JTB). More details here.
- 6 – Tax Appeal Tribunal affirms exemption of voluntary pension contribution
The Tax Appeal Tribunal ruling on the exemption of voluntary pension contribution of employees from PAYE tax in Nexen Petroleum Nigeria Limited and Lagos State Internal Revenue Service. More details here.
- 5 – Ease of doing business in Nigeria 2020 report
Nigeria’s ranking jumped from 146 to 131; representing its second-highest annual progress of 11.45% in a decade. More details here.
- 4 – Analysis of the National Housing Fund (NHF) Act 2018
Proposed changes in the National Housing Fund (Establishment) Act 2018. More details here.
- 3 – Finance Bill 2019
The Finance Bill 2019 seeks to amend six (6) tax laws in Nigeria. More details here.
- 2 – LIRS introduces e-filing of annual tax returns
LIRS portal will enable taxpayers to file their returns electronically and interact online with the LIRS support team. More details here.
- 1 – Nigeria Police Trust Fund (Establishment) Act 2019
Businesses in Nigeria are to pay a levy of 0.005% of net profits. That is a contribution of NGN50 per net profit of NGN1,000,000. More details here.
Have a happy and prosperous new year (2020).
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