Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

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.

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).

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

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.

FIRS automates VAT filing and collection system, for certain businesses

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice (the Notice), informing the general public of its automated Value Added Tax (VAT) collection system for Branded Shops, Super Stores, General Supermarkets, Standard Restaurants and Eateries, nationwide.

Dormant companies to regularise their tax status

The Federal Inland Revenue Service (FIRS) on Thursday, 13 February 2020, issued a public notice (the Notice) informing dormant companies to regularise their tax returns by 30 June 2020.

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Federal Government gazettes Finance Act, 2019

Federal Government gazettes Finance Act, 2019

New VAT rate to become effective 1 February 2020

The Minister of Finance (the Minister) today, 16 January 2020, announced the effective date for implementation of the new VAT rate of 7.5% to be 1 February 2020

2019 Federal Budget Signed into law

Federal Government to announce the future date of implementation of Finance Bill, 2019

In the interim, we understand that the implementation date of the Act would be communicated later by the Federal government to the general public. This became necessary in order to allay the concerns of taxpayers who are yet to sight the Act while being apprehensive that its provisions may have taken effect from 13 January 2020 (i.e. the date the Act was signed by the President.

Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

Deadline for filing of annual employers tax returns (Form H1)

The Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) provides that every employer is statutorily required to submit its employers’ tax returns (Form H1) with the relevant tax authority.