COVID-19: FIRS extends the period to enjoy a waiver of interest and penalty from the settlement of outstanding tax liabilities

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice extending the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments, from 31 May 2020 to 30 June 2020.

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

The Federal Inland Revenue Service (FIRS) on, Tuesday, 19 May 2020, released a public notice extending the deadline for reporting and filing of information return for the 2019 calendar year under the Income Tax (Common Reporting Standard) Regulations, 2019 (the CRS Regulations) from 31 May 2020 to 30 September 2020.

Finance Act 2019: FIRS releases information circulars to clarify certain provisions

The Federal Inland Revenue Service (FIRS) has released various information circulars on its opinion and clarification of certain provisions in the Finance Act 2019.

COVID-19: FIRS waives interest and penalty arising from outstanding tax audit liabilities

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice communicating the waiver of interest and penalty on outstanding tax debts arising from tax desk review, audit and/or investigation exercise.

FIRS launches business continuity plan in response to Coronavirus pandemic

With the global outbreak of the novel Coronavirus (COVID- 19 or the Pandemic), Federal Inland Revenue Service (FIRS) has released a public notice (the Notice), informing the general public of the launch of its “business continuity plan”.

FIRS automates VAT filing and collection system, for certain businesses

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice (the Notice), informing the general public of its automated Value Added Tax (VAT) collection system for Branded Shops, Super Stores, General Supermarkets, Standard Restaurants and Eateries, nationwide.

Dormant companies to regularise their tax status

The Federal Inland Revenue Service (FIRS) on Thursday, 13 February 2020, issued a public notice (the Notice) informing dormant companies to regularise their tax returns by 30 June 2020.

PEBEC releases scorecard on its 60 days action plan to improve ease of doing business in Nigeria

Reminder to file Country-By-Country Reporting Notification

The CbCR Regulations include reporting and notification obligations for companies that are members of multinational entities (MNEs) with a group consolidated revenue of at least ₦160,000,000,000 in the preceding accounting year.

FIRS to pursue directors and management staff for outstanding corporate tax liabilities

Federal Inland Revenue Service (FIRS) on Monday, 19 August 2019, issued a public notice mandating companies with lien on their accounts to regularise their tax status and pay the tax due within 30 days of the public notice. In the event of non-compliance within the stated timeline, FIRS has stated its intention to recover the tax liabilities from directors, managers, secretaries and other management staff of such companies.

Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

FIRS demands deduction of WHT/VAT at source on all forms of commission and rebates paid to distributors and customers

FIRS demands deduction of WHT/VAT at source on all forms of commission and rebates paid to distributors and customers