In November 2005, Sahara transferred half of its 90% participating interest in OPL 332 to BG Exploration and Production Nigeria Limited and realised a gain of US$27,915,000 on the transfer.

Typically, a Modified Carry Arrangement is where an oil company finances petroleum operations on behalf of all parties to the contract including the NNPC and the oil company is expected to recover its cost...

Section 27(i) of the Companies Income Tax Act disallows "any expense of any description incurred outside Nigeria for and on behalf of any company except of a nature and to the extent that the Board ("FIRS") may consider allowable".

The 2019 Finance Act recently given by the Mr President has undoubtedly been a heated topic of debate among Business and Legal commentators.

The taxation of educational institutions has been a thorny issue in the past few years.

Companies that are part of a Multinational Enterprise (MNE) Group and have 31 December as their accounting year end are expected to file their Country-by-Country (CbC) Report and Notification...

CMA is a French shipping company that is engaged in the transportation of goods from foreign sellers to recipients in Nigeria and from Nigerian sellers to buyers in other countries.

FIRS has issued a Public Notice imposing 30 November 2021 deadline for expiration of waiver of penalty and interest for companies with outstanding companies income tax returns for 2021 year of assessment.

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On 19th May, 2020, the Federal Inland Revenue Service ("FIRS" or "the Service") issued a Public Notice to all Reporting Financial Institutions (RFIs) that it has extended the deadline for filing 2019 Information Returns under the ...

On 30th July, 2020, the Federal Inland Revenue Service issued a Public Notice informing taxpayers of its grant of further extension to the deadline for filing Companies Income Tax returns by one week.

The FIRS has issued a Circular pursuant to the provisions of Sections 25 and 105 of CITA regarding eligibility of a Fund, Body or Institution seeking to be listed under the Fifth Schedule.

On 7th April, 2021, the Federal Inland Revenue Service (FIRS or "the Service") issued a Public Notice informing the general public, tax practitioners and all taxable persons including individuals...

This publication sets out the basic information on tax and business regulatory issues that new investors need to know when investing in Nigeria.

The recently passed Finance Act, 2021 has widened the scope of taxes paid by companies.

On Friday, 12 November 2021, the Tax Appeal Tribunal Lagos Zone decided in Seplat Petroleum Development Company Plc vs the Federal Inland Revenue Service, that the Appellant's claim of five (5) years tax holiday ...

The Tax Appeal Tribunal Lagos Zone has ruled, in NPF Microfinance Bank PLC and Federal Inland Revenue Service, that bad debts (which have been proven to be bad) are allowable for tax deductions...

The Circular clarifies that the approved SPM, which are in line with the ECOWAS CET, shall become effective from Monday, 1 May 2023.

It is a truism that no government can function properly without revenue. Revenue helps government meet its numerous responsibilities of improving the quality of life of the citizenry.

As a general rule of Nigerian tax law, if a foreign company has a Nigerian permanent establishment, then the profits of that foreign company that are attributable to that permanent establishment...