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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 type of tax incentives granted is dependent on the sector, income type, business size, and business location.

Transfer pricing, commonly referred to as TP, is a term used to describe all aspects of intercompany pricing arrangements between related business entities, including transfers of tangible goods, services, intellectual property and financing transactions.

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...

The recent revenue drive arising from fall in oil prices and the need to diversify Nigeria's revenue away from oil to non-oil sources, such as taxation, has led to increase in the frequency of tax audits and investigations ...

Health Organization (WHO) declared the COVID-19 outbreak a Pandemic on 11 March 2020 upon a determination that the outbreak had increased by 13-fold and the number of countries affected had tripled.1

Companies Income Tax is a major source of revenue for the Nigerian government.

A company intended for a business in Nigeria may be incorporated as a private company limited by shares or a public company limited by shares.

On 24th June 2019, the President Buhari signed the Nigeria Police Trust Fund (Establishment) Bill into law. The Act, which will be in force for six (6) years.

The FHC overturned the decision of the Tax Appeal Tribunal that expenses incurred for flaring gas are tax deductible.

On December 31, 2020, President Muhammadu Buhari assented to the Finance Act 2020 ("the Act"). The Act introduces sweeping changes to virtually all the major legislations governing taxation in Nigeria.

The Nigeria Police Trust Fund (Establishment) Act 2018 (as amended) (the "Act") was signed into law by the President of the Federal Republic of Nigeria on June 24, 2019.

The land registration process in Nigeria brushes on all factors involved in registering land transactions from the systems involved, benefits of registration, the procedure for registration, requirement for the registration, ...

Several 'brief-case' professionals, well accomplished sole proprietors and very important personalities all go around earning millions of Naira in income but paying no tax.

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.

Many organisations have had to embrace virtual working thereby reducing access or completely shutting down their offices due to the enforced COVID-19 lockdowns.