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In this article, we have examined the companies' income tax obligations of educational institutions prior to the FA21 amendment, the implications of the FA21 amendment and the impact of the policy changes introduced.

FIRS recently issued Information Circular No.: 2021/20 on extension of the meaning of "in use", pursuant to the provisions of Paragraph 16 of the Second Schedule to the Companies Income Tax Act Cap. C21 LFN 2004 (as amended).

On April 15, 2021, the Federal Inland Revenue Service issued a public notice by which it directed all approved enterprises operating within Nigeria's Export Processing and Oil & Gas Free Zones to:

The Federal Inland Revenue Service has issued Information Circular No.: 2021/19 on Guidelines on Simplified Compliance Regime for VAT for Non-Resident Suppliers of goods, services or intangibles to persons in Nigeria ...

The Bill seeks to promote fiscal equity, align domestic laws with global best practices and support Micro, Small and Medium-sized businesses.

The 2020 fiscal year started with great hope, as the government had capped oil price at $57 per barrel with an estimated total expenditure of ₦10.59…

The Federal Inland Revenue Service recently issued a Public Notice on the deduction at source of Withholding Tax and Value Added Tax from compensations paid to agents, dealers, distributors and retailers by companies.

His Excellency, President Muhammadu Buhari, GCFR signed Finance Act, 2021 ("the Act") into law on 31 December 2021, following its passage by the National Assembly.

On 23rd December 2019, the Tax Appeal Tribunal (Tribunal), Lagos Zone, in Appeal Number: TAT/LZ/ VAT/022/2016, SINOPEC International Petroleum Exploration & Production...

The Lagos Internal Revenue Service (LIRS) following a tax audit for 2013 and 2014 years of assessment issued a Notice of Refusal to Amend (NORA) to Nexen Petroleum

Advancement in technology has led to fundamental changes in the economy and has also provided businesses with new opportunities to access global markets and execute business activities online.

In many developing countries, a major challenge which occurs in related-party transactions is transfer pricing. A transfer price can be defined as the price at which related parties...

The National Assembly passed the Finance Bill 2022 ("the Finance Bill") on 28 December 2022. The Finance Bill introduces certain amendments to existing tax laws including the Companies...

Managing financial and non-financial assets, preservation of wealth, succession planning and wealth transition, tax compliance and efficiency, retirement planning remain some of the many key objectives...

Corporate taxes in Nigeria are administered by the Federal Inland Revenue Service (FIRS). The body is also responsible for tax collection.

Nigeria's new tax framework, effective January 1, 2026, introduces comprehensive regulations for non-resident individuals earning income from Nigerian sources. Understanding the criteria for non-resident status, tax obligations, registration requirements, and filing procedures is essential for expatriates and foreign workers operating in Nigeria's evolving tax landscape.

The President of Nigeria, Bola Ahmed Tinubu (the "President"), on 6 March 2024, signed Executive Orders on oil and gas reform and issued three (3) policy...