915 results found

Operating a business in Nigeria entails more than the delivery of quality goods or services; it also demands strict adherence to applicable tax laws and regulations.

In this article, we examine some of the changes introduced to Nigeria's tax regime by the Finance Act.

Nigeria is obliged to pay 2% of its assessable profit as Education Tax.

On May 24, 2019, the Court of Appeal in the case of Al-Maseer Law Firm v Federal Inland Revenue Services , held in a unanimous decision that lawyers in private practice are under a legal obligation to collect VAT from clients ...

Restructuring is a common strategic tool deployed by businesses globally to improve operational efficiency, enhance competitiveness, or respond to financial, market, and regulatory developments.

There is both apprehension and a degree of frustration in the maritime industry caused by notices issued by the Federal Inland Revenue Service (FIRS) on behalf of the Federal Government of Nigeria to Non-Resident (Petroleum) Shipping Companies carrying on business in Nigeria for the payment of back dated freight taxes.

On May 22, 2020, the Calabar Division of the Court of Appeal delivered what, arguably, is the most far-reaching decision relating to tax legislation in Nigeria in recent times.

Technological advancements, particularly the rise of the internet, has transformed how we work, learn, interact financially and store wealth. In emerging markets like Nigeria...

One of the objectives of the new tax laws is to ‘optimize fiscal revenue’. It is expected that the implementation of the laws will double tax-to-GDP ratio in the short run. This is by widening the tax net while providing incentives to already-compliant taxpayers to pay more tax. The tax laws also increase the power of the tax authorities to have access to hitherto private banking records to discourage tax evasion.

Nigeria's ongoing tax reform efforts reflect a broader ambition to modernize its fiscal framework, enhance revenue generation, and establish a more structured as well as a transparent tax environment.

Nigeria’s fiscal system has historically been characterised by a paradox. Despite having one of the largest economies in Africa, the country continues to record relatively low tax compliance and a narrow tax base compared with peer jurisdictions.

Tax planning and management refers to the processes and schemes by which taxpayers arrange their affairs and businesses in such manner as to attract the lowest possible tax rates under ...

The issuance of the General Transition Guidelines for the Tax Acts 2025 provides long-awaited clarity on one of the most significant tax reforms in Nigeria's recent history. This Client Alert examines the practical implications for businesses navigating the transition to the new tax regime, including treatment of accounting periods, transaction taxes, ongoing contracts, tax incentives, disputes, and compliance obligations.

New leadership and the regulatory changes they bring can have a profound impact on the landscape of business operations. Following the swearing in of President Bola Ahmed Tinubu on May 29, 2023

In December 2019, just as the country was seeking to take a break from the many unpleasant news headlines and enjoy the upcoming Christmas season, a shocking topic caught the nation's attention...

Taxation as a crucial fiscal policy measure is a factual tool for social economic development, which has been adopted by various countries around the world to improve their economic goals.

On 24 June 2019, the Nigeria Police Trust Fund (Establishment) Act (NPTF Act or "the Act") was enacted into law, with the overarching goal of improving...

Tax compliance is about complying with the tax laws and regulations outlined by government entities, ensuring timely and accurate reporting and payment of taxes.