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The profits of companies (other than upstream petroleum companies with Oil Prospecting Licences who are subject to additional hydrocarbon tax) are subject to companies' income tax (CIT).

The ratification of the Convention is a significant step in the administration of taxes in Nigeria.

The legislature has commenced the process of ratifying three avoidance of double taxation treaties with Spain, South Korea and Sweden signed on 18 November 2004...

Ratification involves the passage of a treaty by the National Assembly so that it forms part of the country's domestic law.

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 Tax Appeal Tribunal in the case of Oando PLC v the Federal Inland Revenue Service decided in favour of the FIRS regarding the application of Section 19.

Apparently nothing is straightforward in matters of taxation.

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.

In keeping with the recent drive by revenue authorities to automate their processes, the Rivers State Internal Revenue Service (RIRS) ...

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

We have identified the facts and legal position on this issue below, as well as what each tax payer needs to know.

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.