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Another quick reminder to keep an eye on your tax returns and payment deadlines for the month of May.

Very recently, the Federal Inland Revenue Service [FIRS] has turned its focus to enforcement of stamp duties.

Our tax calendar for the month of April is available for download. Ensure to keep an eye on your tax compliance obligations to avoid sanctions in view of the aggressive tax drive by governments at all levels.

Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority.

The timeline is not later than 31 January of every year.

The Federal Executive Council has approved the inclusion of 27 new industries/products as eligible for pioneer status incentive, a corporate income tax exemption for up to 5 years.

The Federal Inland Revenue Service (FIRS) issued an Information Circular on 14th June 2024, to clarify the tax treatment of foreign exchange (forex) transactions (‘the Circular').

Well, if your guess is as good as mine, then you will agree that the social contract is broken and needs fixing urgently.

The Organisation for Economic Cooperation and Development (OECD) on Thursday 25 April 2019, published the full version of its 2017 Model Tax Convention on Income and Capital, the tenth edition.

It is no longer news that the dwindling oil revenue has forced the government to increase the pressure on the Federal Inland Revenue Service to generate more revenue for the government.

One of the major reasons many investors choose to locate their companies especially holdcos outside Nigeria is to avoid the excess dividend tax exposure.

On 20 June 2019, the Tax Appeal Tribunal (TAT), in the case between Nigeria Breweries Plc and Abia State Board of Internal Revenue Service (Respondent), ruled that gratuity is not liable to personal income tax.

FIRS has issued letters to taxpayers to start submiting schedules along with their VAT returns showing the VAT attributable to their different branches.

The federal government of Nigeria today announced the extension of the deadline for filing returns under the Voluntary Assets and Income Declaration Scheme by 3 months.

FIRS has started to enforce filing of tax returns and payment of outstanding taxes by distraining properties and procuring the arrest of principal officers of defaulting companies.

I have articulated my thoughts on how taxation can be used as an enabler to forge inclusive growth and create employment.

This booklet contains a summary of tax and investment information pertaining to key countries in Africa.