The Nigerian Senate recently approved a US$500 million loan request by His Excellency, President Bola Ahmed Tinubu (GCFR) for the metering of electricity consumers in Nigeria in line with the Nigeria Distribution Sector Recovery Program (DISREP).

This has also seen a shift in focus by most affected businesses towards renewable energy solutions, though limited by the initial cost of uptake.

Estate planning is the structure of management of assets by families and is usually extremely time-consuming. A well-done estate planning process involves many conversations amongst family members...

His Excellency, President Muhammadu Buhari, GCFR, has presented the 2023 Federal Government Budget Proposals at the joint session of the National Assembly in Abuja.

The annual enactment of the Finance Acts clearly shows the Federal Government's commitment to review the extant tax laws and make progressive changes to Nigeria's fiscal frameworks to align them with economic realities and global best practices...

On Monday 6 February 2023, the Federal Inland Revenue Service and Lagos Internal Revenue Service signed a Memorandum of Understanding to establish a Joint FIRS and LIRS Audit and Investigation Team.

On Friday, 4 June 2021, the Federal Inland Revenue Service issued a Public Notice providing guidelines on the administration of its TaxPro-Max e-filing platform.

His Excellency, President Bola Tinubu, GCFR, has presented the 2024 Federal Government Budget Proposals at the joint session of the National Assembly in Abuja.

The profits of companies (other than upstream petroleum companies with Oil Prospecting Licences who are subject to additional hydrocarbon tax) are subject to companies' income tax (CIT).

Following the meetings between both parties, the FIRS issued a notice of assessment for the levy computed by the TaxPro-Max.

The Federal Inland Revenue Service (FIRS) has issued a Public Notice extending the deadline for the filing of 2023 Companies Income Tax (CIT) returns and payment of relevant tax liabilities...

The Nigeria Tax Act (NTA or "the Act") repeals certain existing tax laws and consolidates the legal framework governing taxation in the country into a single legislation for simplicity and improved tax administration. Consolidating tax provisions into one single document will also help to eliminate overlapping.

The Federal Inland Revenue Service (FIRS) has issued a Public Notice to withdraw its May 6, 2021 suspension (please refer to our Tax Alert Issue No.5.4 of 24 May 2021 for details)...

The Federal High Court, sitting in Yenagoa, recently delivered its judgment in a case between The Incorporated Trustees of the International Association of Drilling Contractors, Nigeria ...

The National Assembly of the Federal Republic of Nigeria recently passed the National Youth Service Corps (NYSC) Trust Fund (Establishment) Bill, 2021 ("the Bill")...

The judgment is anchored on the need to ensure fair hearing and guarantee the constitutional right to appeal.

In December 2011, the Federal Government (FG) issued the Companies Income Tax (CIT) (Exemption of Bonds and Short-Term Government Securities) Order, 2011 and Value Added Tax...

The Federal Inland Revenue Service recently made updates to the features for value added tax filing and payment module on the TaxPro-Max.

The Federal Inland Revenue Service (FIRS) has issued a public notice announcing a full waiver of penalties and interest on outstanding tax liabilities.

In 2021, the Nigerian transfer pricing (TP) space witnessed significant changes which are expected to have far-reaching effects on tax compliance for both local and multinational enterprises.