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.
FG revises excise rates for specific products
The Federal Government of Nigeria has, via a Circular dated 7 February 2019 revised the excise rate on products classified under tariff heading (TH) 22.06.
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.
Open banking, open risk. Managing financial crime in a disrupted world
New technologies, new entrants to the industry, new regulations and changing consumer preferences are combining to disrupt and fragment what was until recently an industry dominated by the major banks.