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  • Article

    Nigeria's Transfer Pricing Regulations - Key Steps To Annual Compliance

    June 30, 2022 would mark the fourth anniversary of filing transfer pricing (TP) returns under the revised Transfer Pricing (TP) Regulations, 2018 for taxpayers with a December 31 year end.
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Rev360: NRS Deploys A New Digital Self-Service Administration System

    Nigeria's Revenue Service has launched Rev360, a fully digital tax administration platform replacing TaxProMax.
    NigeriaTax
    WTS Blackwoodstone
    WTS Blackwoodstone
Article

TAT Rules That The Discretionary Powers Of FIRS On Declaration Of Deemed Dividend Cannot Be Challenged

The Lagos zone of the Tax Appeal Tribunal has ruled, in the case involving Rand Merchant Bank Nigeria Limited and Federal Inland Revenue Service, that the FIRS' discretionary powers under section 21 of the Companies Income Tax Act, ...
NigeriaTax
KPMG in Nigeria
KPMG in Nigeria
  • Article

    The Case For A Defined Gift Taxation Regime In Nigeria

    The Nigerian economy has continued to face the challenge of a remarkably low tax revenue to Gross Domestic Product (GDP) ratio, compared to other economies worldwide.
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Transfer Pricing Returns Filing In Nigeria: Are You Ready?

    The Nigeria Transfer Pricing Regulations 2018 include various compliance obligations for taxpayers, one of which is the filing of annual statutory Transfer Pricing returns with the Federal Inland Revenue Service.
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    What You Need To Know About Nigeria's New Significant Economic Presence Order

    In this article, we will outline the key provisions of the SEP Order and share our thoughts on some of the issues that may arise from the implementation of the Order.
    NigeriaTax
    PwC Nigeria
    PwC Nigeria
  • Article

    Let There Be Roads …

    According to the Infrastructure Concession Regulatory Commission, Nigeria has about 195,000 km of road network out of which about 32,000 km are federal roads and 31,000 km are state roads.
    NigeriaTransport
    PwC Nigeria
    PwC Nigeria
  • Article

    Matters Arising From Implementation Of Capital Gains Tax Amendments Relating To Disposal Of Shares

    One of the highlights of former President Muhammadu Buhari's administration was the annual passage of Finance Acts, to ensure a resilient tax administration, as well as to support the execution ...
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    TEMPLARS Transcripts: Tax Digest | May 2026

    The Nigeria Revenue Service (the “NRS”) has announced that its offices nationwide will operate on Saturdays from 8 May to 27 June 2026, between 10:00 a.m. and 3:00 p.m.
    NigeriaTax
    Templars
    Templars
  • Article

    Tax Considerations In Accounting For Right-Of-Use Asset

    In this article, we have discussed the accounting recognition and measurement requirements for Rights-of-Use asset and the related lease liability as well as the current and deferred tax considerations for the lessee.
    NigeriaTax
    Forvis Mazars
    Forvis Mazars
  • Article

    Constitutional Issues Relating To The Finance (Amendment) Bill 2024 And The Appropriation (Amendment) Bill 2024

    The constitutional validity of the Finance (Amendment) Bill 2024 which imposes a windfall tax of 70% on the realised profit from all foreign exchange transactions of banks and other financial institutions in the 2023...
    NigeriaFinance and Banking
    Olisa Agbakoba Legal (OAL)
    Olisa Agbakoba Legal (OAL)
  • Article

    Economic Implications Of Transfer Pricing Audits And Adjustments On Nigerian Business Performance

    Conducting business in Nigeria may present a range of complexities, particularly for companies engaged in cross-border transactions.
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Finance Act, 2020 - Impact On The Manufacturing Sector

    On 31 December 2020, the President signed the Finance Bill, 2020 (now Finance Act, 2020) into law, alongside the 2021 Appropriation Act.
    NigeriaTax
    Andersen in Nigeria
    Andersen in Nigeria
  • Article

    FIRS Issues Regulations For Taxation Of Institutions Offering Non-interest Financial Products And Services In Nigeria

    The Federal Inland Revenue Service (FIRS or "the Service") recently published the Non-Interest Finance (Taxation) Regulations 2022 ("the Regulations"), which provide a framework...
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    It Is Unconstitutional To Finalize A Tax Assessment Where The Taxpayer Is Denied The Statutory Right To Object: Tax Appeal Tribunal Holds

    On Friday, September 27, 2019, the Tax Appeal Tribunal, Lagos Zone ("TAT" or the "Tribunal") held, inter alia, that where the action of a tax authority purports to make an assessment final and conclusive.
    NigeriaTax
    Banwo & Ighodalo
    Banwo & Ighodalo
  • Article

    National Tax Policy Implementation Committee Presents Report On Tax Law Reforms

    It is expected that the draft Executive Orders and Bills will be exposed for engagement of key stakeholders while being considered by the Federal Executive Council and before they are presented to the National assembly.
    NigeriaTax
    Deloitte Nigeria
    Deloitte Nigeria
  • Article

    Nigeria's Electronic Tax Compliance System: So Far, So Good

    In this article, we will examine the FIRS e-Tax platform and its legal basis as well as review the progress recorded so far.
    NigeriaTax
    Forvis Mazars
    Forvis Mazars
  • Article

    Review Of The Deduction Of Tax At Source (Withholding) Regulations 2024

    Nigeria has overhauled its nearly half-century-old regime on the administration of withholding tax (WHT) with the signing of the Deduction of Tax at Source (Withholding)...
    NigeriaTax
    AELEX
    AELEX
  • Article

    TAT Rules Against The Restriction Of Stock-in-trade To Raw Materials For The Claim Of Input VAT

    On 10 February 2022, the Tax Appeal Tribunal (TAT or "the Tribunal") sitting in Lagos, ruled in CHI Limited (CHI or "the Appellant") and Federal Inland Revenue Service (FIRS or "the Respondent")...
    NigeriaTax
    KPMG in Nigeria
    KPMG in Nigeria
  • Article

    Tax Digest

    The practice at the Tax Appeal Tribunal ("TAT" or "Tribunal") requiring an aggrieved taxpayer to pay 50% of a disputed tax amount into a designated account, as security for the prosecution of a tax appeal...
    NigeriaTax
    Banwo & Ighodalo
    Banwo & Ighodalo
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