FIRS to pursue directors and management staff for outstanding corporate tax liabilities

Federal Inland Revenue Service (FIRS) on Monday, 19 August 2019, issued a public notice mandating companies with lien on their accounts to regularise their tax status and pay the tax due within 30 days of the public notice. In the event of non-compliance within the stated timeline, FIRS has stated its intention to recover the tax liabilities from directors, managers, secretaries and other management staff of such companies.

Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

FIRS demands deduction of WHT/VAT at source on all forms of commission and rebates paid to distributors and customers

FIRS demands deduction of WHT/VAT at source on all forms of commission and rebates paid to distributors and customers

FRCN revokes rule requiring regulatory approval before recognising certain expenses

The Financial Reporting Council of Nigerian (“FRCN”) on Monday, 5 August 2019, issued a public notice which revoked its Rule 4, requiring regulatory approval for events/transactions having financial reporting implications prior to recognising same in the financial statements.

Tax Appeal Tribunal’s judgement on the taxability of gratuity payments

The Tax Appeal Tribunal sitting in Enugu State on 20 June 2019 delivered a judgment in favour of Nigerian Breweries Plc in a case with Abia State Board of Internal Revenue Service.

Career Opportunities for Cyber Security Professionals

Are you ready to join a team of Cyber Security professionals that are making an impact by advising clients on how to manage their cyber risk exposures in an inter-connected world?

FMI announces revalidation of Expatriate Quota approvals issued on a 'Permanent Until Reviewed' status

FMI announces revalidation of Expatriate Quota approvals issued on a ‘Permanent Until Reviewed’ status

All companies granted Expatriate Quota (EQ) approvals on PUR status within the stipulated period are required to approach the Ministry for the revalidation of their PUR certificates.

NSE to resume charging VAT on commissions applicable to capital market transactions

NSE to resume charging VAT on commissions applicable to capital market transactions

The Nigerian Stock Exchange (NSE), on 10 July 2019, issued a circular on the expiration of Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (the Circular).

PenCom introduces the Enhanced Contributor Registration System

The National Pension Commission (PenCom) has issued a public notice (the Notice) to inform the general public of the deployment of an Enhanced Contributor Registration System (ECRS).

TAT’s judgement on employer’s obligation to remit tax on voluntary pension contribution withdrawals

The key issue for determination, amongst others, was whether the Appellant is obliged to deduct and remit pay-as-you-earn (PAYE) taxes on the voluntary pension contribution (VPC) withdrawals made by its employees before the timeline stipulated in the Pension Reform Act, 2014 (PRA).

Court of Appeal affirms the applicability of VAT on services rendered by a non-resident company

The Court of Appeal (CoA), on 24 June 2019, upheld the decision of the Federal High Court (FHC), in the case between Vodacom Business Nigeria Limited (‘Vodacom’ or ‘Appellant’) and Federal Inland Revenue Service (‘FIRS’ or ‘Respondent’).