Microfinance banks and the VAT legislation: Is there a case for exemption?
Introduction The primary aim of new National Tax Policy is to introduce new strategies that will enable government achieve its objectives of creating an enabling environment for businesses to thrive while simplifying the tax system. This underlying principle is expected to be applied in the purposive interpretation of ambiguous provisions of the tax laws.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (3)?
The last two editions of our InsideTax publication have focused on tackling tax leakages in the 21st century. Without doubt, the need for revenue authorities to develop awareness of possible sources of tax leakages in this era and evaluate tenable approaches at combating the problem cannot be over-emphasized. Specifically, in the last edition, we considered a common tax evasion scheme – sales suppression – vis-à-vis the various ways in which it can manifest, consequences and technology-based counter measures prescribed by the Organisation for Economic Cooperation and Development (OECD).
FIRS issues public notice on revised interest rate for unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice announcing the approved penalty and interest rates to be applied as sanctions on all unpaid tax amounts.
Regulatory Alert: National Assembly Investigates Abuse of Pioneer Status
The House of Representatives, in exercise of its powers under the Nigerian Constitution, has set up an ad-hoc committee (the Committee) to investigate perceived abuse of pioneer status tax incentive by companies operating in Nigeria.
IFRS 15 New Revenue Model: Spotlight on Consumer and Industrial Products
Companies in the consumer and industrial product sector have a number of areas which are significantly impacted by IFRS 15 (new revenue standard). We have enumerated a few of the areas to look out for:
Tax Alert: Taxpayers to validate official email address with FIRS
Federal Inland Revenue Service (FIRS) has issued a public notice requesting taxpayers to validate their official email addresses in FIRS’ records. The validation process is expected to commence with immediate effect.
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.
FIRS extends window for waiver of penalty and interest for members of NASME
Federal Inland Revenue Service (FIRS) on Friday, 25 November 2016, issued a public notice formalizing its extension of the tax amnesty window exclusively for members of the National Association of Small and Medium Enterprises (NASME). The new deadline date for members of NASME is 31 December 2016 and all applications for grant of waiver are to be submitted to FIRS, through the association.
FIRS introduces cut-over date for tax payments
The Federal Inland Revenue Service (FIRS) is pressing forward with implementation of the Integrated Tax Administration System (iTAS) platform. As part of its operationalization road map, FIRS has introduced a cut-over (transition) date for payment of tax liabilities arising from tax returns filed manually.