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  • Article

    Rewriting The Basis Of Corporate Expenses In Nigeria: FRCN Revokes Rule 4

    Putsimply, the company cannot access foreign exchange at the official rate or market for remittances outside of Nigeria under the unregistered contract.
    NigeriaCorporate/Commercial Law
    AO2 Law
    AO2 Law
  • Article

    FIRS Finance Act Circular: Real Estate Investment Companies

    The FIRS circular on the taxation of Real Estate Investment Companies (REICs) is further to the recent amendments made by the Finance Act (FA), 2019 to the Companies Income Tax Act (CITA).
    NigeriaFinance and Banking
    PwC Nigeria
    PwC Nigeria
Article

Nigeria Releases New Executive Order To Combat Money Laundering And Tax Evasion

The Federal Government of Nigeria, on 8 October 2018, signed a new Executive Order 008 (Order) backing the implementation of the Voluntary Offshore Assets Regularisation Scheme (VOARS or the Scheme), aimed at combating money laundering and tax evasion.
NigeriaGovernment, Public Sector
Deloitte Nigeria
Deloitte Nigeria
  • Article

    LIRS Issues Public Notice On Treatment Of Savings Element On Insurance Premium

    The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) to clarify the treatment of savings element on insurance premium.
    NigeriaInsurance
    Deloitte Nigeria
    Deloitte Nigeria
  • Article

    A Review Of The Nigerian Double Taxation Treaty Framework

    Based on international trade convention, every country is allowed to adopt laws, rules and regulations that govern its trade relationships with other countries
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    Another Earmarked Tax Coming Through NYSC Trust Fund Establishment Bill, 2021

    The National Assembly of the Federal Republic of Nigeria recently passed the National Youth Service Corps (NYSC) Trust Fund (Establishment) Bill, 2021 ("the Bill")...
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Court Nullifies Provisions In Rules/Practice Directions Prescribing Payment Of Deposit...

    The judgment is anchored on the need to ensure fair hearing and guarantee the constitutional right to appeal.
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Expiration Of Tax Exemption Period For Bonds And Short-Term Government Securities

    In December 2011, the Federal Government (FG) issued the Companies Income Tax (CIT) (Exemption of Bonds and Short-Term Government Securities) Order, 2011 and Value Added Tax...
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Federal Executive Council Approves Increase In VAT Rate From 5% To 7.2%

    On 11 September 2019, the Federal Executive Council (FEC) approved an increase in Value Added Tax (VAT) rate from 5% to 7.2%.
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    Federal High Court Rules Against Income Tax Assessment Based On Value Of Properties

    At a recent sitting in Abuja, the Federal High Court (FHC) ruled that income tax assessment notices issued by Federal Inland Revenue Service (FIRS) based on deemed turnover,
    NigeriaTax
    Deloitte Nigeria
    Deloitte Nigeria
  • Article

    FIRS Announces Effective Date For Finance Act 2023

    In a recent update, the Federal Inland Revenue Service ("FIRS") officially communicated the revised effective date for the implementation of the Finance Act 2023 ( "the Act").
    NigeriaTax
    Udo Udoma & Belo-Osagie
    Udo Udoma & Belo-Osagie
  • Article

    FIRS Establishes A Non-Resident Persons' Tax Office

    The Federal Inland Revenue Service (FIRS) has issued a Public Notice notifying the general public of the establishment of a Non-Resident Persons' Tax Office (NRPTO). The Public Notice directs all...
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    FIRS Finance Act Circular: Regulated Securities Lending

    The Federal Inland Revenue Services (FIRS) has issued a circular on the tax implications of regulated securities lending (RSL) transactions in Nigeria
    NigeriaTax
    PwC Nigeria
    PwC Nigeria
  • Article

    FIRS Issues New Transfer Pricing Regulations

    The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Transfer Pricing) Regulations, 2018.
    NigeriaTax
    PwC Nigeria
    PwC Nigeria
  • Article

    FIRS Notice To Freeze Taxpayers' Bank Accounts: Administrative Ingenuity Or A Mere Testing Of The Waters?

    In this piece, we examine the issues surrounding the supposed exercise of the power of substitution by FIRS and whether FIRS is trying to use this to test the limit of its immense powers.
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    FIRS Requires Taxpayers To File VAT & CIT Returns On The E-filing Platform

    Most of the FIRS tax offices may no longer accept physical copies of CIT and VAT returns, except under "special circumstances".
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    FIRS Seeks To Close Prolonged Tax Audits Using NORAs

    Federal Inland Revenue Service (FIRS) has recently been issuing Notice of Refusal to Amend (NORA) assessments issued in respect of on-going tax audit exercises.
    NigeriaTax
    Deloitte Nigeria
    Deloitte Nigeria
  • Article

    LIRS Extends Deadline For Filing Annual Personal Income Tax Returns

    On 15th May, 2020, the Lagos State Internal Revenue Service ("LIRS" or "the Service") notified all individual taxpayers including self-employed persons that it has extended the deadline for filing of Annual Tax Returns to 30th June, 2020.
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    LIRS Extends Deadline For Filing Of Individual Annual Returns Of Income And Claims

    On 31st March 2021, the Lagos State Internal Revenue Service (LIRS) issued a public notice, informing taxpayers that the deadline for filing annual returns for individual taxpayers and...
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    LIRS Issues New Form For Return Of Income And Claims For Allowances And Reliefs (Form A)

    The LIRS has recently released a new form for the filing of income tax returns under the self-assessment scheme.
    NigeriaTax
    PwC Nigeria
    PwC Nigeria
  • Showing 121–140 of 840 results

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