1,626 results found

The COVID-19 pandemic which is currently affecting countries across the world has once again shown how inter-connected the global economy is. What started as an outbreak in a province in China

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 current economic landscape has forced several State Governments hitherto dependent on Federal Government allocations to look inwards for revenue.

The world has gone digital in many ways but our tax system seems to be stuck in the Stone Age. Tax compliance rate is very low and one area where there is a high prevalence of evasion is VAT.

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

The Nigerian Investment Promotion Council (NIPC) recently released its Pioneer Status Incentive (PSI) Report for the fourth quarter of 2018.

Value added tax (VAT) is a multistage consumption tax, which is charged and payable on the supply of all goods and services.

The World was busy warming up for the 2020 Summer Olympics when the Coronavirus Disease 2019 ("the Virus" or "COVID-19") hit the globe.

On 25 March 2020, the House of Representatives (HoR) of the Federal Republic of Nigeria passed the Emergency Economic Stimulus Bill.

Nigeria's House of Representatives has proposed a Bill for an Act to provide for tax relief, suspension of import duty on selected medical goods and deferral of residential mortgage obligations.

Putsimply, the company cannot access foreign exchange at the official rate or market for remittances outside of Nigeria under the unregistered contract.

The FIRS Circular reproduces some of the amendments to the SDA, such as the inclusion of electronic documents as instrument liable to stamp duties, electronic stamping and denoting of...

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).