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

Tax deductibility of expenses incurred outside Nigeria: Are days of arbitrary awards over?

The increased pace of globalisation has not left Nigeria and Nigerian companies out. Consequently, Nigerian companies are increasingly involved in business activities abroad in order to remain competitive in today’s business environment. This means that companies in Nigeria earn income and/or incur costs outside Nigeria.

FIRS issues demand notices based on property valuation

In its drive to increase tax revenue generation, Federal Inland Revenue Service (FIRS) has started applying the value of property as a basis for assessing companies to income tax (CIT) rather than turnover basis of assessment. The FIRS recently issued notices to several companies demanding for payment of CIT assessed on this basis. The foregoing is a fall out of property valuation exercise carried out by FIRS in October, 2016.