Court of Appeal affirms educational institutions’ companies income tax obligation
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).
Open banking, open risk. Managing financial crime in a disrupted world
New technologies, new entrants to the industry, new regulations and changing consumer preferences are combining to disrupt and fragment what was until recently an industry dominated by the major banks.
Deadline for filing of annual employers tax returns (Form H1)
Under the Personal Income Tax Act, every employer is statutorily required to submit employers’ tax returns (Form H1) with the relevant tax authority of all emoluments paid to its employees in the preceding year.
Career opportunities for Public Health Professionals
As part of the mandate received from The Global Fund (TGF) – a partnership organization designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics, The National Tuberculosis and Leprosy Control Programme (NTBLCP) seeks to recruit suitable, qualified and experienced public health professionals for The National Tuberculosis and Leprosy Control Programme (NTBLCP) which was established by the Government of Nigeria to coordinate tuberculosis and leprosy control efforts in Nigeria.
Federal Government of Nigeria’s 2019 Budget of Continuity
President Muhammadu Buhari provided a sneak peek into Nigeria’s fiscal direction for 2019 on Wednesday, 19 December 2018, as he presented the 2019 Budget of the Federal Government of Nigeria (FGN) to the joint session of the National Assembly. The FGN’s 2019 Budget is intended to continue Nigeria’s quest for inclusive growth, economic diversification and sustainable development.
FIRS warns defaulting taxpayers about potential restriction on their bank accounts
Federal Inland Revenue Service (FIRS) has issued a warning to defaulting taxpayers on the impending lien to be imposed on their bank accounts for non-compliance
Deadline for filing of annual employees’ tax returns (Form A)
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. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of every year.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)
FIRS releases guidelines on Mutual Agreement Procedure in Nigeria
The Federal Inland Revenue Service has issued guidelines setting out steps that taxpayers must follow for initiating Mutual Agreement Procedure (MAP).
FIRS seeks to close prolonged tax audits using NORAs
Federal Inland Revenue Service (FIRS) has recently been issuing Notice of Refusal to Amend (NORA) assessments issued in respect of on-going tax audit exercises.
FIRS demands penalties from erring taxpayers for failure to file CbCR notification
The Federal Inland Revenue Service (FIRS) has started issuing demand letters for payment of administrative penalties to taxpayers who did not file Country-by-Country Reporting (CbCR) notification forms with FIRS under Regulation 6(1) of the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations).
FIRS suspends lien on bank accounts of taxpayers
The Federal Inland Revenue Service (FIRS) on Friday, 15 February 2019, instructed banks to suspend lien placed on the bank accounts of some taxpayers.
FG revises excise rates for specific products
The Federal Government of Nigeria has, via a Circular dated 7 February 2019 revised the excise rate on products classified under tariff heading (TH) 22.06.