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
TAT provides clarification on VAT and WHT implications of reimbursable expenses
The Tax Appeal Tribunal (TAT), on 2 June 2016, delivered a ruling on the applicability of value added tax (VAT) and withholding tax (WHT) on reimbursable expenses in the case between Brasoil Oil Services Company (Nigeria) Limited (Brasoil or the Company) and Federal Inland Revenue Service (FIRS). Other issues considered in the case include the applicability of WHT on extraterritorial income and the liability of taxpayers to interest and penalties on additional assessments, after validly objecting to FIRS’ assessments and subsequently filing appeal to contest such assessments.