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.

Court of Appeal affirms educational institutions’ companies income tax obligation

The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT).

Analysis and implications of the Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme

In the quest to improve the infrastructural needs of Nigeria and maximise resources, the President of Nigeria approved the Executive Order 007 (the Order) on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the Scheme).

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.

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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.

Migration of physical CCIs due latest 28 November, 2016

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.