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The Federal Inland Revenue Service ("FIRS") has recently appointed a number of banks as collecting agents authorizing them to freeze taxpayers' accounts for an alleged tax default ("Freeze Mandate").

The Court of Appeal (COA or "the Court") sitting in Lagos recently decided in Federal Inland Revenue Service (FIRS or "the Appellant") and Attorney General of Lagos State...

As the most populous African nation, Nigeria continues to attract an increasing number of foreign investments annually. In 2020, the United Nations reported that Nigeria's inflow...

In February 2024, a significant development emerged in Nigeria's oil and gas sector. President Bola Ahmed Tinubu signed the Oil and Gas Companies...

The Tax Appeal Tribunal ("TAT" or "the Tribunal") sitting in Lagos, on 19 October 2023, ruled that rental income derived from real estate properties is not subject to Value Added Tax (VAT).

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

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

The history of Transfer Pricing (TP) in Nigeria dates back to 2012 when the first Income Tax (Transfer Pricing) Regulations No. 1, 2012 was gazetted.

In Nigeria, as with several other tax jurisdictions, income tax is payable by every taxable person on income derived from employment, business, investments and other income generating activities.

The business landscape in Nigeria is shaped by intricate legal frameworks, which includes key legislations: the Companies and Allied Matters Act (CAMA), Companies Income Tax Act (CITA) and Petroleum Profit Tax Act (PPTA).

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

If there is one thing that the Covid-19 virus has inspired in the entire human race, it is the need, now more than ever before, to prepare for an uncertain future especially in terms of instituting structures for ...

As envisaged at the beginning of the year, 2022 has witnessed a significant increase in Transfer Pricing (TP) audits. In recent months, there has been a significant drive by the Federal Inland...

Amidst the high cost of living in Nigeria, increasing cost of doing business, high and accelerating inflation, increasing borrowing cost and debt profile of the country...

On Saturday, 2nd December 2023, a wheelbarrow pusher stabbed a government revenue official in Benin City (Edo State) and instantly turned the same knife on himself.

A Tax Identification Number (TIN) is a unique identifier assigned to businesses, individuals, and other entities for the purpose of tax administration. In Nigeria, obtaining a TIN is crucial for businesses to comply with their tax obligations.

GlaxoSmithKline (GSK) recently announced a formal exit from Nigeria, which generated a lot of emotions in the country. It was seen by many as a fall out of how the economy...