Nigerian government resuscitates the National Agency for Science and Engineering Infrastructure levy

Nigerian government resuscitates the National Agency for Science and Engineering Infrastructure levy

The Federal Government of Nigeria recently directed the Minister of Finance, Budget and National Planning (MoF) and Federal Inland Revenue Service (FIRS) to collect and subsequently remit statutory levy due to the National Agency for Science and Engineering Infrastructure (NASENI).

Tax Appeal Tribunal provides criteria for WHT exemption on ‘Sales in the Ordinary course of business’

Tax Appeal Tribunal provides criteria for WHT exemption on ‘Sales in the Ordinary Course of Business’

The Tax Appeal Tribunal (TAT) on 1 December 2020, in the case between Tetra Pak and the Federal Inland Revenue Service (FIRS), ruled that the sale of packaging materials, spare parts and equipment by the Company is in the ordinary course of its business and hence not liable to Withholding Tax (WHT).

FIRS grants further tax palliatives in view of recent business disruptions

FIRS grants further tax palliatives in view of recent business disruptions

Following the disruption to businesses which followed the recent protest across Nigeria, the Federal Inland Revenue Service (FIRS) has issued a public notice (the Notice) granting an additional window for obtaining a waiver of interest and penalty on outstanding tax liabilities resulting from tax desk reviews, audit and/or investigations and self-assessments from 4 November to 31 December 2020

FIRS issues public notice on completion of Self-Certification Forms by Reportable Persons

The Federal Inland Revenue Service (FIRS) on 17 September 2020, released a public notice requesting all account holders with Reporting Financial Institutions (RFIs), such as commercial banks, insurance companies, asset management companies etc., to obtain, complete and submit Self-Certification Forms (SCFs) to their respective financial institutions.

Tax Appeal Tribunal rules that rent is not subject to VAT

The Tax Appeal Tribunal, in the case between Ess-Ay Holdings Limited (Ess-Ay) and the Federal Inland Revenue Service (FIRS), ruled that rent is not subject to Value Added Tax (VAT).

FIRS launches an online reporting portal for financial institutions on AEOI-CRS

The Federal Inland Revenue Service (FIRS) has launched an online AEOI-CRS reporting portal to be used by reporting financial institutions (RFI) in Nigeria for CRS reporting purpose.

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.