LIRS issues notices to employers to submit mid-year tax returns
The Lagos State Internal Revenue Service (LIRS) recently commenced issuance of notices to employers requesting submission of mid-year salary projections for employees in respect of 2017 tax year. LIRS cited reliance on Section 46 of Personal Income Tax Act, LFN Cap P8 of 2004, as amended, which grants it the power to call for further returns.
The OECD releases 2017 Revised Transfer Pricing Guidelines
The Organisation for Economic Cooperation and Development (OECD), on 10 July 2017, released the revised edition of the Transfer Pricing (TP) Guidelines for Multinational Enterprises and Tax Administrations.
The Voluntary Asset and Income Declaration Scheme (VAIDS) boat sets afloat
Nigeria’s Acting President, Prof. Yemi Osinbajo, signed a new Executive Order that provides legal backing to a new tax amnesty regime in Nigeria on Thursday, 29 June 2017. VAIDS offers Nigerian taxpayers (individuals and corporate organisations) who have not been compliant with their tax obligations to regularise their tax affairs by providing a soft-landing, which includes a waiver of penalties and interest as well as immunity from tax audit and prosecution. It also provides protection of confidential information.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD?
Benjamin Franklin was apt when he said “In this world nothing can be said to be certain, except death and taxes ”. Centuries after that famous quote by the one-time American President, taxation remains a certain and consistent source of revenue for governments, albeit to varying degrees of reliance.
FIRS invites stakeholders to engagement meeting
The Federal Inland Revenue Service (FIRS) has invited stakeholders to an engagement meeting to discuss tax processes and measures that can be taken towards ensuring that tax compliance process is easier and more convenient for taxpayers.
Acting President Osibanjo signs executive order backing implementation of VAIDS
The Acting President, Prof. Yemi Osinbajo on 29 June 2017 signed an Executive Order backing the implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS), which will take effect from 1 July 2017 and last till 31 March 2018. The scheme will be jointly executed by the Federal and State Governments and will cover both corporate and individual taxpayers.
National Lottery Regulatory Commission issues notice on requirement to regularize operations
The National Lottery Regulatory Commission (NLRC or the Lottery Commission) on 21 June 2017; in furtherance of its mandate under the National Lottery Act (NLA), issued a general notice mandating companies conducting sports betting activities in Nigeria to regularize their operations with the Commission on or before 21 July, 2017 or face prosecution.
NECA holds meeting to chart way forward on the abuse of pioneer status
The National Employers’ Consultative Association (NECA) recently invited its members to a meeting to discuss the recent investigative activities of the National Assembly on organised businesses in Nigeria and to take a position on a way forward in this regard.
PenCom issues reminder on requirement for annual certificate of compliance
The National Pension Commission (PenCom) has issued a general notice to remind employers who wish to bid or solicit for contract or business from any Federal Government Ministries Departments and Agencies (MDA), of the requirement to provide proof of compliance with the provisions of the Pension Reform Act, 2014 (PRA 2014). The notice states that only Pension Clearance Certificate (PCC) issued by PenCom will serve as proof of compliance with the provisions of PRA 2014.
FIRS issues public notice on revised interest rate for unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice announcing the approved penalty and interest rates to be applied as sanctions on all unpaid tax amounts.