Minister of Finance releases VAT Modification Order 2020

The Honourable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed (the Minister), has issued a Value Added Tax (VAT) Modification Order (the Order), to provide clarity with regards to the interpretation of goods and services exempt under the VAT Act.

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

The Federal Inland Revenue Service (FIRS) on, Tuesday, 19 May 2020, released a public notice extending the deadline for reporting and filing of information return for the 2019 calendar year under the Income Tax (Common Reporting Standard) Regulations, 2019 (the CRS Regulations) from 31 May 2020 to 30 September 2020.

LIRS further extends deadline for filing 2019 individual income tax returns (Form A)

LIRS further extends deadline for filing 2019 individual income tax returns (Form A)

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) informing all taxable individuals resident in Lagos State of its decision to further extend the deadline for filing individual income tax returns for 2019, from 31 May 2020 to 30 June 2020.

Federal High Court affirms that import duty does not apply on passengers’ personal effects

A Federal High Court (FHC) sitting in Abuja, has ruled that payment of import duty on goods/personal effects contained in a passenger’s baggage is unlawful.

Federal Government announces trade related measures to address COVID-19 pandemic

Federal Government announces trade-related measures to address COVID-19 pandemic

The President of the Federal Government of Nigeria has approved the waiver of import duty and value-added tax (VAT) on all medical equipment and supplies imported into Nigeria from 1 May 2020.

FRC guidance for External Auditors

FRC guidance for External Auditors: COVID-19 and its impact on the audit of reporting entities in Nigeria

As COVID-19 spreads and the impact is felt, regulators in Nigeria and around the world have issued guidance to entities under their control to provide direction on the impact of COVID-19 on the reporting obligations of those entities.

Finance Act 2019: FIRS releases information circulars to clarify certain provisions

The Federal Inland Revenue Service (FIRS) has released various information circulars on its opinion and clarification of certain provisions in the Finance Act 2019.

COVID-19: FIRS waives interest and penalty arising from outstanding tax audit liabilities

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice communicating the waiver of interest and penalty on outstanding tax debts arising from tax desk review, audit and/or investigation exercise.

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Webinar invitation – COVID-19: Economic impact scenarios and business tax imperatives

Join our experts as they discuss the economic impact of the COVID-19 pandemic and the critical economic, tax and other fiscal measures targeted at alleviating the economic impact of the pandemic.

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Webinar invitation – FRC Guidance for preparers of financial statements during COVID-19

We are pleased to invite you to join our live webinar on Wednesday, 29 April 2020 as we discuss the “Financial Reporting Council (FRC) Guidance for preparers of financial statements during COVID-19”.