Federal Government of Nigeria revises excise regime
The Federal Government of Nigeria has re-introduced an ad-valorem excise structure to spirits and wines. With this introduction, excise duty on spirits, wines and cigarettes will now be based on both ad-valorem and specific excise structures.
FIRS launches an online reporting portal for financial institutions on AEOI-CRS
The Federal Inland Revenue Service (FIRS) has launched an online AEOI-CRS reporting portal to be used by reporting financial institutions (RFI) in Nigeria for CRS reporting purpose.
FGN releases guidelines for visa revalidation and migrant travels as the Nigerian airspace reopens
Following the resumption of international flights in Nigeria, the Nigeria Immigration Service (NIS) has issued the following guidelines for visa revalidation and migrant travels affected by the suspension of international flights and closure of airspace
Evaluating changes in transfer pricing positions in an economic downturn: a COVID-19 scenario
The downturn in both the global and Nigerian economies due to the impact of COVID-19 will have serious implications for many multinational businesses operating in Nigeria, especially in the areas of transfer pricing policy implementation and documentation.
FGN releases provisional protocol for travellers ahead of international flights resumption
The Federal Government of Nigeria (FGN) has released the provisional protocol (the Protocol), in preparation for the resumption of international flights to Nigeria, which is scheduled to commence from 5 September 2020
Federal Government of Nigeria postpones resumption of international flights
The Federal Government of Nigeria has postponed the resumption of international flights from 29 August to 05 September 2020.
FIRS extends filing deadline for corporate tax returns by 7 days
FIRS has issued a public notice informing the public of a 7-day extension granted to companies whose tax returns were due as at 31 July 2020.
Have you filed your 2019 individual income tax returns?
The 2019 individual tax returns (Form A) extended deadline of 30 June 2020 for Lagos State Internal Revenue Service and FCT Internal Revenue Service is fast approaching.
Finance Act 2019: Clarification on Significant Economic Presence
The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, recently issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in Finance Act 2019 (FA19).
COVID-19: FIRS extends the period to enjoy a waiver of interest and penalty from the settlement of outstanding tax liabilities
The Federal Inland Revenue Service (FIRS) recently issued a Public Notice extending the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments, from 31 May 2020 to 30 June 2020.