915 results found

Nigeria's Revenue Service has initiated compliance monitoring for large taxpayers as part of the National E-invoicing and Electronic Fiscal System implementation. This development marks a significant step in the country's tax administration modernization efforts, requiring affected businesses to ensure their systems and processes align with the new electronic invoicing requirements.

A sound and dynamic tax system is a critical factor for economic development including job creation, social welfare, better standard of living. At the heart of this is the need for a clear...

The Chairman of Federal Inland Revenue Service (FIRS); Mr. Babatunde Fowler, on Thursday 17 August 2017, signed the following agreements:

The Joint Tax Board (JTB) which is the umbrella body for all State Boards of Internal Revenue (SBIRs) in Nigeria held its 141st meeting on 16 July 2018.

The end of the year typically signals a winding down of activities by most firms. However December 2018 saw an unprecedented flurry of activities by Nigerian taxpayers to meet the 31 December deadline

Disputes are bound to arise between taxpayers and tax authorities often due to ambiguities or gaps in the tax laws and lack of clarity in tax administration.

The above notwithstanding, tax authorities in Nigeria usually view discounts and rebates with skepticism.

In our last edition of InsideTax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue.

Following the meetings between both parties, the FIRS issued a notice of assessment for the levy computed by the TaxPro-Max.

The WHT Regulations provide that "all types of contracts and agency arrangements other than sales in the ordinary course of business"

In May 2016, the Tax Appeal Tribunal (TAT) sitting in Lagos ruled that parties in Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC), can take tax deduction for sole costs...

One notable highlight under the New Tax Act is the introduction of Controlled Foreign Company (CFC) rules, which are designed to prevent Nigerian companies...

The Nigeria Tax Act (NTA or "the Act") repeals certain existing tax laws and consolidates the legal framework governing taxation in the country into a single legislation for simplicity and improved tax administration. Consolidating tax provisions into one single document will also help to eliminate overlapping.

The Tax Appeal Tribunal (TAT) is an administrative body established by the Federal Inland Revenue Service Establishment Act to hear and resolve tax disputes arising from all federal tax legislation.

The Tax Appeal Tribunal Lagos division held that a Nigerian company that receives services performed by a non-resident company should account for and pay Value Added Tax.

The Federal Inland Revenue Service (FIRS) audited the tax returns of Ecobank Nigeria Plc ("Ecobank", "the company" or the "Bank") relating to the 2015

In this edition of the AO Insider Series, experts unpack one of the most pressing issues shaping Nigeria's fintech sector — tax compliance and evolving regulatory obligations.