Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties
The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax (CIT) and TP returns within six (6) months after their financial year-end (i.e., due date for filing).
Tax Appeal Tribunal clarifies contentious issue on the taxability of gratuity
On 20 June 2019, the Tax Appeal Tribunal (TAT), in the case between Nigeria Breweries Plc (Appellant) and Abia State Board of Internal Revenue Service (Respondent), ruled that gratuity is not liable to personal income tax.
Tax Appeal Tribunal relieves employers of tax obligation on voluntary pension contribution
The obligation to account for taxes due on withdrawal of voluntary pension contributions was made clearer in the judgement delivered yesterday by the Tax Appeal Tribunal on a case between Nexen Petroleum Nigeria Limited and Lagos State Internal Revenue Service
LIRS to introduce unique biometrics-based identifier for taxpayers
The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) on its intention to integrate the LASG-EBS Taxpayer Identification Digit (PID) module into the National Tax Identification Number (TIN) system with the Joint Tax Board (JTB). The TIN module is biometrics-based, with the aim of ensuring identity uniqueness for taxpayers.
Federal Government of Nigeria’s 2019 Budget signed into law
President Muhammadu Buhari has signed the 2019 budget of the Federal Government of Nigeria into law. The Budget, which was signed on Monday, 27 May 2019, puts total spending for 2019 at ₦8.92 trillion.
Federal Executive Council approves new import levy
The Federal Executive Council (FEC) has approved a new 0.2% import levy on eligible imports from African Union (AU) Member States.
The US Embassy and Consulate in Nigeria suspends the interview waiver option (dropbox applications)
The United States Mission in Nigeria has announced the immediate suspension of the interview waivers option popularly referred to as the “Dropbox”.
Mergers and acquisitions now under the joint purview of SEC and FCCPC…till further notice
SEC and FCCPC recently issued joint guidance on submission of notifications for proposed mergers, acquisitions and other business combination notifications
FIRS recommends a 63-day timeline for completion of tax audit exercises
The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers.
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.