LIRS extends deadline for filing 2020 individual Income Tax Returns (Form A) by two weeks

LIRS extends the deadline for filing 2020 Individual Income Tax Returns (Form A) by two weeks

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) informing all taxable individuals resident in Lagos State of a two-week extension of the deadline for filing the 2020 individual income tax returns.

Finance Act 2020 and its impact on employment tax

Finance Act 2020 and its impact on employment tax

The Finance Act, 2020 amends portions of various extant tax provisions, including that of the Personal Income Tax Act (PITA). In this article, we have highlighted some of the major changes to PITA and how these impact payroll taxes with effect from 1 January 2021.

AfCFTA: The dawn of a new era

The African Continental Free Trade Area: The dawn of a new era

After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has officially commenced.

In what started years ago as a bold and, an unrealistic aspiration, the AfCFTA has morphed into a striking reality. Africa has created a working fifty-four member state1 free trade agreement, the largest since the creation of the one hundred and sixty-four member state World Trade Organisation.

Nigeria’s 2021 Budget of Economic Recovery and Resilience

The Budget, themed “Budget of Economic Recovery and Resilience”, is expected to accelerate the pace of economic recovery following the COVID-19 pandemic (the Pandemic), enhance competitiveness and ensure social inclusion.

Nigeria Immigration Service introduces new visa fees and announces the implementation date for the Nigeria Visa Policy 2020

The Nigeria Immigration Service (NIS), through a press release on 30 September 2020, announced the introduction of new visa fees and the implementation date for the Nigeria Visa Policy 2020

Compendium of COVID-19 tax measures in Nigeria

This publication provides information about the palliatives offered by various Tax Authorities across the country. The compilation includes links to the public notices and information circulars from the relevant Tax Authorities.

Federal Government of Nigeria revises excise regime

The Federal Government of Nigeria has re-introduced an ad-valorem excise structure to spirits and wines. With this introduction, excise duty on spirits, wines and cigarettes will now be based on both ad-valorem and specific excise structures.

Finance Act 2019: Clarification on Significant Economic Presence

The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, recently issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in Finance Act 2019 (FA19).

FRC guidance for External Auditors

FRC guidance for External Auditors: COVID-19 and its impact on the audit of reporting entities in Nigeria

As COVID-19 spreads and the impact is felt, regulators in Nigeria and around the world have issued guidance to entities under their control to provide direction on the impact of COVID-19 on the reporting obligations of those entities.

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.