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The obligation to account for taxes due on withdrawal of voluntary pension contributions (VPC) was made clearer in the judgement delivered yesterday by the Tax Appeal Tribunal (TAT)

The Companies Income Tax Act (Amendment) Bill 2015 which seeks to increase the incentives available to companies that invest in public infrastructure in the course of their business has been passed...

Nigeria's startup economic sub-sector stands in the top three most advanced in the African continent according to StartupBlink's Global Startup Ecosystem Index 2021.

The Tax Appeal Tribunal on 20 March 2015 held that the Federal Inland Revenue Service should consider tax computations prepared by parties to a Production Sharing Contract in assessing PSC parties to Petroleum Profits Tax.

In the quest to improve the infrastructural needs of Nigeria and maximise resources, the President of Nigeria approved the Executive Order 007 (the Order) ...

There is a Yoruba adage which says: it is the way that the bird flies that the hunter will throw stones at it.

The deadline for filing of income tax and transfer pricing (TP) returns with Federal Inland Revenue Service (FIRS) is fast approaching for corporate taxpayers whose financial year-end is 31 December.

The Federal Inland Revenue Service, today, 30 November 2021 announced an additional and final one-month extension of its waiver of penalties and interest for companies with outstanding 2021 year of assessment companies income tax returns.

The Federal Inland Revenue Service (FIRS) has issued a Public Notice extending to 31 August 2022, the deadline for filing Companies Income Tax (CIT) returns and payment of the related tax...

The Federal Inland Revenue Service (FIRS) embarked on an Integrated Tax Administration System (ITAS) project in 2013.

The Federal Inland Revenue Service (FIRS) recently denied some companies seeking to utilise withholding tax (WHT) credit notes carried forward from prior years against their 2016 income tax assessments.

The law establishing the FIRS, the Federal Inland Revenue Service (Establishment) Act, prescribes interest rate for late or non payment of tax at CBN Monetary Policy Rate (MPR) plus a spread (additional rate) to be announced by the Finance Minister.

The Federal Inland Revenue Service has issued a notice regarding the administration of penalty and interest rates regime under the Companies Income Tax Act.

The Lagos State Internal Revenue Service (LIRS) has announced the extension of the deadline for filing personal income tax returns by 2 months from 31st of March to 31st of May 2020.

The Lagos State Internal Revenue Service (LIRS) recently commenced issuance of notices to employers requesting submission of mid-year salary projections for employees in respect of 2017 tax year.

The national tax policy review committee has completed its assignment and yesterday submitted the revised National Tax Policy (NTP) to the finance minister.

The Nigerian Stock Exchange (NSE) has issued Rules which impose certain requirements on listed companies regarding any transactions with related and other interested parties.