FIRS recommends a 63-day timeline for completion of tax audit exercises
The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers.
FIRS warns defaulting taxpayers about potential restriction on their bank accounts
Federal Inland Revenue Service (FIRS) has issued a warning to defaulting taxpayers on the impending lien to be imposed on their bank accounts for non-compliance
Deadline for filing of annual employees’ tax returns (Form A)
Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of every year.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)
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.
LIRS extends deadline for filing 2019 employers’ annual returns
Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing the 2019 employers’ annual returns to 8 February 2019.
Nigeria issues Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme
The Order enables private companies to build federal roads in Nigeria and be rewarded with tax credits in return
Federal High Court rules against income tax assessment based on value of properties
The FHC granted a perpetual injunction restraining FIRS from issuing a companies income tax (CIT) assessment based on deemed turnover using the value of taxpayer’s property.