Nigeria’s President declines assent to National Housing Fund Bill, 2018
President Muhammadu Buhari has declined assent to the National Housing Fund (NHF) Bill, 2018 (the Bill) which was recently passed by the National Assembly.
The informal sector to benefit from the contributory pension scheme
In a bid to strengthen the post-retirement financial capability of all working Nigerians, the National Pension Commission (PenCom) has finalised plans to launch the Micro Pension Plan
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
Deadline for filing of annual employees’ tax returns (Form A)
Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of every year.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)
FIRS releases guidelines on Mutual Agreement Procedure in Nigeria
The Federal Inland Revenue Service has issued guidelines setting out steps that taxpayers must follow for initiating Mutual Agreement Procedure (MAP).
FIRS seeks to close prolonged tax audits using NORAs
Federal Inland Revenue Service (FIRS) has recently been issuing Notice of Refusal to Amend (NORA) assessments issued in respect of on-going tax audit exercises.
FIRS demands penalties from erring taxpayers for failure to file CbCR notification
The Federal Inland Revenue Service (FIRS) has started issuing demand letters for payment of administrative penalties to taxpayers who did not file Country-by-Country Reporting (CbCR) notification forms with FIRS under Regulation 6(1) of the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations).
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.