FG revises excise rates for specific products
The Federal Government of Nigeria has, via a Circular dated 7 February 2019 revised the excise rate on products classified under tariff heading (TH) 22.06.
Court of Appeal affirms educational institutions’ companies income tax obligation
The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT).
Analysis and implications of the Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme
In the quest to improve the infrastructural needs of Nigeria and maximise resources, the President of Nigeria approved the Executive Order 007 (the Order) on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the Scheme).
LIRS extends deadline for filing 2019 employers’ annual returns
Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing the 2019 employers’ annual returns to 8 February 2019.
Nigeria issues Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme
The Order enables private companies to build federal roads in Nigeria and be rewarded with tax credits in return
Federal High Court rules against income tax assessment based on value of properties
The FHC granted a perpetual injunction restraining FIRS from issuing a companies income tax (CIT) assessment based on deemed turnover using the value of taxpayer’s property.
Federal Government launches new international passport with 10 years validity
The Federal Government of Nigeria on Tuesday, 15 January 2019, unveiled the new Nigeria international passport with a 10-year validity.
RIRS launches electronic platform for taxpayers to manage their tax affairs
In keeping with the recent drive by revenue authorities to automate their processes, the Rivers State Internal Revenue Service (RIRS) has deployed the Rivers State Tax Management Information System (RIVTAMIS).
Deadline for filing of annual employers tax returns (Form H1)
Under the Personal Income Tax Act, every employer is statutorily required to submit employers’ tax returns (Form H1) with the relevant tax authority of all emoluments paid to its employees in the preceding year.
LIRS launches e-filing portal for submission of employers’ tax returns (Form H1)
Statutorily, under the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended), every employer is under obligation to file employers’ tax returns (Form H1) with the relevant tax authority of all emoluments paid to its employees in the preceding year. The timeline is not later than 31 January of every year.
