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In a Public Notice published in October 2019, the Federal Inland Revenue Service ("FIRS") informed the tax-paying public (particularly non-resident taxpayers)...

Nigeria's new Presumptive Tax Regulations establish a simplified tax framework for informal sector businesses and individuals whose income cannot be accurately determined through standard assessment methods. The regulations introduce a 1% turnover-based tax system with specific exemptions for nano businesses, while also implementing a 2% capital gains tax on asset disposals.

Statement of the Problem Recent decisions have emanated from the courts which are to the effect that the exercise of jurisdiction by the TAT as an administrative tribunal...

Year-end tax compliance has assumed heightened significance for multinational enterprises (MNEs) operating in Nigeria, particularly in the context of increased enforcement activities by the Federal Inland Revenue Service (FIRS)...

On July 24, 2014, the International Accounting Standard Board ("IASB") launched the International Financial Reporting Standard 9 ("IFRS 9")

The President of Nigeria recently signed the Petroleum Industry Act ("PIA") into law, putting an end to several years of uncertainties and promises to reform and modernise the regulatory framework...

Dissatisfied by the decision of the IST, the Appellant appealed to the Court of Appeal.

Transfer pricing has become a critical concern for multinational enterprises (MNEs) operating in Nigeria. The Federal Inland Revenue Service (FIRS) has intensified their focus on cross-border...

Statutory law is the most common limitation to the application of legitimate expectation in tax cases.

Nigeria's Revenue Service has issued comprehensive guidelines establishing the country's first administrative framework for taxing virtual assets and cryptocurrency transactions. The new rules classify digital assets into six categories and outline detailed compliance obligations for individuals, companies, and Virtual Asset Service Providers operating in Nigeria's digital economy.

The Nigeria Tax Administration Act 2025 introduced sweeping reforms within the Nigerian Tax Regime, one of which is the “power of substitution” as contained in Section 60 of the Act.

The digital economy is growing at a rapid rate. As of 2016, the digital economy was worth an estimated 11.5 trillion dollars worldwide, equivalent to 15.5 per cent of the global GDP.

The Act provides that the amendments therein come into force on "1 May 2023 or such other date that shall be indicated by the National Assembly by law, or the President by assent or order".

It is not enough to simply set revenue collection targets and celebrate when they are met or exceeded. Taxation is not a game where the end justifies the means.

By section 272 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), state high courts have wide jurisdiction over civil and criminal matters.

The Tax Appeal Tribunal (TAT or "the Tribunal") Lagos Zone, in the case between Bolt Operations OU ("Bolt" or "the Company" or "the Appellant") and Federal Inland Revenue Service...

There are various benefits and drawbacks to each. The various business forms are considered below.

In this article, we have summarized key provisions of the Proposed Act to guide Startups upon its enactment.