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.
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.
Building Organisational Capacity for Successful Implementation of IFRS 9
Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity.
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.
IFRS 15: The new revenue framework – What corporates need to know
The financial reporting landscape will witness significant changes in 2018 as the two major standards on Revenue and Financial instruments (IFRS 15 Revenue from contracts with customers and IFRS 9 Financial Instruments) become effective. For many reporting entities, the new revenue accounting principles is a paradigm shift that require care in implementation.
Joint Tax Board issues public notice on abuse of voluntary pension contribution scheme
The Joint Tax Board (JTB) recently issued a public notice (the Notice) on the perceived abuse of voluntary pension contribution (VPC) scheme by employees as a means of avoiding personal income tax.