Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties
The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax (CIT) and TP returns within six (6) months after their financial year-end (i.e., due date for filing).
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
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.
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.
FIRS issues public notice on implementation of the revised 2018 Transfer Pricing Regulations
Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Transfer Pricing) Regulations, 2018 (the 2018 TP Regulations), which replaced the Income Tax (Transfer Pricing) Regulations, 2012.
Federal Inland Revenue Service provides clarification on recent tax developments at a stakeholder meeting
Federal Inland Revenue Service (FIRS) convened a stakeholders meeting on 6 September 2018, with key participants from different sectors of the economy in attendance. The Executive Chairman of FIRS was present to enlighten stakeholders, as well as answer questions and address comments from the audience.
Automation of the withholding tax system – Will migration be seamless?
Federal Inland Revenue Service (FIRS) in its bid to extend the Integrated Tax Administration System (ITAS) initiative to all of its processes, recently indicated its intention to fully automate the withholding tax (WHT) system in Nigeria.
Tax authorities appoint banks as agents of collection of outstanding taxes from tax defaulters’ accounts
The Federal Inland Revenue Service (FIRS) and some State Internal Revenue Service (SIRS), in recent times, have been issuing letters to Nigerian banks, appointing them as agents of collection of taxes due from alleged tax defaulters. Based on the letters, the banks were instructed to:
NIPC launches compendium of investment incentives in Nigeria
Nigeria Investment Promotion Commission (NIPC) in collaboration with Federal Inland Revenue Service (FIRS), on Friday, 3 November 2017, published the first edition of the Compendium of Investment Incentives in Nigeria (the Compendium).
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.