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A Bill to amend various tax laws in Nigeria is currently undergoing legislative process at the National Assembly.

It is common knowledge that tax revenue is the most sustainable source of government funding.

It repeals several existing tax laws, including the Personal Income Tax Act, and it took effect from January 1, 2026.

The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT).

The federal tax authority in Nigeria, the Federal Inland Revenue Service (FIRS), will be introducing Tax Account Codes (TACs) from 1 January 2025 to enhance the filing and review of tax returns submitted by taxpayers.

In this article, we discuss the provisions of the tax laws as they pertain to the administrative powers of the FIRS and the compliance requirements of taxpayers registered as a Business name with the Corporate Affairs Commission (CAC).

On 3rd September 2024, the Federal Government of Nigeria (FGN) issued the Value Added Tax (Modification) Order, 2024 (the Order), in its Official Gazette No. 149, Vol. 111 of 3rd September 2024...

On 28 May 2023, the former President, Muhammadu Buhari, GCFR, signed the Finance Bill, 2023 into law as Finance Act, 2023 ("the Act").

Financial institutions must take steps to ascertain whether they are 'Reporting Financial Institutions' for CRS purposes and, if so, take further steps to understand...

Global minimum tax also known as Global Anti-Base Erosion Model, provides for a coordinated and comprehensive system of minimum taxation, aimed at ensuring that large multinational enterprise groups pay a minimum level of tax ...

The UK government recently announced significant tax reforms that are sending ripples through global wealth corridors, particularly among High-Net-Worth Individuals (HNWIs) across the world —including Nigeria.

In its decision in an appeal filed by AGIMNL against the FIRS' assessments of VAT liability, the TAT held that AGIMNL was liable to pay the assessed VAT liability.

Nigeria currently operates a self-assessment system. Prior to 1991, tax administration in Nigeria was based exclusively on assessments made by revenue authorities.

Perhaps, what is required in Nigeria is categorization of the educational institutions into proprietary educational institutions and not-for-profit educational institutions.

It is not uncommon for countries to reach bilateral or multilateral agreements to protect their citizens from multiple taxation on the same income, ease international relations and encourage global mobility.

In our previous article, we highlighted some key provisions of the Nigeria Finance Bill 2022 (the "Bill"). In a final move by former President Mohammadu Buhari, the Bill...

Just recently, the Federal Inland Revenue Service (the "FIRS") suspended its very controversial mandate to banks.