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.