Lagos State Internal Revenue Service’s public notices on taxation – examining the impact on taxpayers

The Lagos State Internal Revenue Service (LIRS) has issued eleven (11) public notices in various national newspapers since August 2017. The notices are aimed at providing clarity to taxpayers on LIRS’ interpretations of provisions of the Personal Income Tax Act, as amended (PITA) on specific issues and the level of tax compliance required of every employer and employee in Lagos State.

Fiscal opportunities of a restructured sports sector: Football as pilot (1)

In today’s world, the reality is that sports is a business.  Perhaps this is why there is always that distinction between those who pursue a particular sporting activity as hobbies or means of relaxation from those who derive their livelihood from same platform.

LIRS issues public notice on treatment of savings element on insurance premium

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) to clarify the treatment of savings element on insurance premium.

LIRS issues public notice on exemption of compensation of loss of employment

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) with respect to the exemption of compensation for loss of employment. The Notice clarifies payments that qualify for tax exemption as “compensation for loss of employment” under Paragraph 26 of the Third Schedule to Personal Income Tax Act (PITA).

LIRS issues public notice on taxation of employee share/stock options

The Lagos State Internal Revenue Service (LIRS) recently issued a public notice (the Notice) with respect to the taxation of share-based payments in the hands of employees.

LIRS issues public notice on taxation of foreigners with temporary work permit

Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) regarding the taxation of non-nationals with temporary work permit (TWP).

Interest deductions on owner occupied residential houses limited to first application only- LIRS

The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 20 September 2017 with respect to allowable interest deductions on owner-occupied residential houses.

CBN introduces special foreign exchange window for investors and exporters

Stamp duties on bank deposits and transfers – Are there unresolved issues?

The Stamp Duties Act, Chapter S8, Laws of the Federation of Nigeria (LFN) 2004 (SDA) provides the legal basis for the imposition and collection of stamp duties in Nigeria. Stamp duties are chargeable on all instruments relating to matters executed between a company and individual, group or body of individuals and those executed between persons or individuals.

LIRS issues public notice on taxation of interest benefit on employee loans

The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 14 September 2017 with respect to taxation of interest benefits accruing to employees on loans granted by employers.

Reformed pioneer status incentive in Nigeria: Any contradiction to tax revenue drive?

The Federal Government of Nigeria recently approved the eligibility of 27 additional industries for possible grant of pioneer status incentive (PSI). This move is coming on the heels of the National Economic Recovery and Growth Plan (ERGP), which aims to stimulate and strengthen economic growth by boosting the level of economic participation of certain key industries.