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The Federal Government of Nigeria approved the eligibility of 27 additional industries for possible grant of tax holiday under the pioneer status incentive at the Federal Executive Council meeting...

On the 21st and 22nd March 2016, the National Economic Council held a strategy retreat at the state house in Abuja.

For decades, Nigeria has relied on oil as its primary source of revenue.

The Organisation for Economic Cooperation and Development (OECD) on 18 December 2017 released the latest edition of its Model Tax Convention incorporating various changes developed...

On Thursday, November 21, 2019, the Finance Bill 2019 (the "Bill") was passed by the Senate after scaling through third reading on the floor of the Senate.

The Federal Inland Revenue Service (FIRS) has established a new Large Tax Office (LTO) located in Apapa, Lagos effective from 15 May, 2020.

The Federal Inland Revenue Service (FIRS), in its bid to enhance efficiency in tax administration, is set to automate the process of filing transfer pricing (TP) returns.

Nigeria's Revenue Service has issued comprehensive guidelines clarifying how virtual assets are taxed under existing legislation. The framework addresses taxation for individuals and businesses engaged in cryptocurrency trading, virtual asset service providers, and peer-to-peer marketplaces. A notable feature is the requirement to compute gains in US dollars rather than Naira.

We have ignored taxation for too long as a nation. We must now seize the moment to write the tax history of our future.

The Lagos State Internal Revenue Service (LIRS) has issued a Public Notice introducing the eTax-generated bill reference ("bill reference") to facilitate and optimize the ease of tax payments...

Subsequent to our recent tax alert on the ongoing tax amnesty, we have received further update from the FIRS regarding eligibility for the waiver.

The Federal Inland Revenue Service (FIRS) on Friday, 15 February 2019, instructed banks to suspend lien placed on the bank accounts of some taxpayers.

The 2015 Budget of the Federal Government of Nigeria was presented to the National Assembly on 17 December 2014.

"We cannot address multiplicity of taxes by introducing new ones. Conventional wisdom suggests that if you are in a hole you should stop digging."

Companies that are part of a Multinational Enterprise (MNE) Group and have 31 December as their accounting year end are expected to file their Country-by-Country (CbC) Report and Notification...

The FIRS Chairman stated this requirement will extend to a number of other services from the government.

The approval is an aftermath of the submissions made by the NTP Review Committee set up by the Minister of Finance in August 2016.