Have you filed your 2019 individual income tax returns?
The 2019 individual tax returns (Form A) extended deadline of 30 June 2020 for Lagos State Internal Revenue Service and FCT Internal Revenue Service is fast approaching.
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).
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.
Finance Act 2019: Minister clarifies the meaning of Significant Economic Presence
The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in the Finance Act 2019 (FA19).
Nigeria’s president signs amendment to Executive Order on the Voluntary Assets Regularization Scheme (VOARS)
President Muhammadu Buhari on 20 May 2020, signed an amendment to the Executive Order 008 (the Order) on the Voluntary Assets Regularization Scheme (VOARS), 2018.
Minister of Finance releases VAT Modification Order 2020
The Honourable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed (the Minister), has issued a Value Added Tax (VAT) Modification Order (the Order), to provide clarity with regards to the interpretation of goods and services exempt under the VAT Act.
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.
LIRS further extends deadline for filing 2019 individual income tax returns (Form A)
The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) informing all taxable individuals resident in Lagos State of its decision to further extend the deadline for filing individual income tax returns for 2019, from 31 May 2020 to 30 June 2020.
Federal High Court affirms that import duty does not apply on passengers’ personal effects
A Federal High Court (FHC) sitting in Abuja, has ruled that payment of import duty on goods/personal effects contained in a passenger’s baggage is unlawful.
Federal Government announces trade-related measures to address COVID-19 pandemic
The President of the Federal Government of Nigeria has approved the waiver of import duty and value-added tax (VAT) on all medical equipment and supplies imported into Nigeria from 1 May 2020.