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).
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’).
Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties
The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax (CIT) and TP returns within six (6) months after their financial year-end (i.e., due date for filing).
Tax Appeal Tribunal clarifies contentious issue on the taxability of gratuity
On 20 June 2019, the Tax Appeal Tribunal (TAT), in the case between Nigeria Breweries Plc (Appellant) and Abia State Board of Internal Revenue Service (Respondent), ruled that gratuity is not liable to personal income tax.
Tax Appeal Tribunal relieves employers of tax obligation on voluntary pension contribution
The obligation to account for taxes due on withdrawal of voluntary pension contributions was made clearer in the judgement delivered yesterday by the Tax Appeal Tribunal on a case between Nexen Petroleum Nigeria Limited and Lagos State Internal Revenue Service
LIRS to introduce unique biometrics-based identifier for taxpayers
The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) on its intention to integrate the LASG-EBS Taxpayer Identification Digit (PID) module into the National Tax Identification Number (TIN) system with the Joint Tax Board (JTB). The TIN module is biometrics-based, with the aim of ensuring identity uniqueness for taxpayers.
Federal Government of Nigeria’s 2019 Budget signed into law
President Muhammadu Buhari has signed the 2019 budget of the Federal Government of Nigeria into law. The Budget, which was signed on Monday, 27 May 2019, puts total spending for 2019 at ₦8.92 trillion.