Nigeria issues the Income Tax (Country-by-Country Reporting) Regulations 2018

Nigeria has issued the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations). The Regulations are part of the implementation plans under Action 13 of OECD’s Base Erosion and Profit Shifting (BEPS) project.

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 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.

Nigeria Immigration Service bans cash payment at passport offices

The Nigeria Immigration Service (NIS), on Monday, 28 August 2017, announced the ban of cash payment for processing of Nigerian passports in all passport offices across the country.