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.

LIRS issues public notice appointing payers of capital sum as agents for collection of capital gains tax

Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as Capital Gains Tax (CGT) collection agents, through a public notice, effective from 1 January 2019. LIRS specifically mentioned that employers are obliged to withhold CGT from amounts payable/paid to exited employees, as compensation for loss of employment, and remit same.

FIRS mandates taxpayers to obtain VAT registration certificates and display at their premises

The Federal Inland Revenue Service (FIRS), on 22 October 2018, notified the general public that it has commenced issuance of value-added tax (VAT) certificates to all new and existing taxpayers registered for VAT purposes. By the publication, FIRS also directed VAT collectors to display their VAT certificates at their business premises and implored taxpayers to report VAT collectors who fail to comply with this directive to the agency.

Analysis and implications of Nigeria’s new Executive Order on Voluntary Declaration of Offshore Assets

The Federal Government of Nigeria (FGN), on 8 October 2018 (Effective Date), issued Executive Order 008 (Order), backing the implementation of the Voluntary Offshore Assets Regularisation Scheme (VOARS or the Scheme).

Federal Ministry of Interior provides further directives on the full-automation process for applications

Following our earlier communication on the decision of the Federal Ministry of Interior (“FMI” or “the Ministry”) to automate the application processes for Business Permit/Expatriate Quota and Place of Worship, the Ministry has now communicated 3 September 2018 as the commencement date for the full online automation.

FIRS issues Nigeria’s Country-by-Country Reporting Regulations

The Federal Inland Revenue Service (FIRS) in exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, and all other powers enabling it, has issued the Income Tax (Country by Country Reporting) Regulations, 2018 (the CbCR Regulations). The CbCR Regulations take effect from 1 January 2018, and form part of the enhanced tax disclosure requirements set out by Action 13 of the Base Erosion and Profit Shifting (BEPS) project. The Regulations aim at providing tax authorities with improved information to enable them better assess international tax avoidance risks. Under the CbCR Regulations, where the Ultimate Parent Entity (UPE) or a Constituent Entity (CE) of a Multinational Enterprise Group (MNE Group) is tax resident in Nigeria, such Nigerian resident entity will be required to file a Country-by-Country Report (CbC Report) with FIRS for an accounting year where the Group has a…

President Buhari signs 2018 Appropriation Bill into law

President Muhammadu Buhari, on Wednesday, 20 June 2018, signed the 2018 Appropriation Bill of the Federal Government of Nigeria (FGN) into law. The final assent came 7 months after the presentation of the 2018 Budget to a joint session of the National Assembly on 7 November 2017. 

Nigerian Government chases after VIPs & HNIs to regularise their tax status

The tax landscape in Nigeria is changing fast and efforts at bringing taxable individuals into the tax net is gaining momentum. Those who have not been tax compliant in the past are being advised to take advantage of the 9-month tax amnesty scheme through Voluntary Assets & Income Declaration Scheme (VAIDS) before the door closes by 31 March 2018. As part of the implementation of VAIDS, many high net worth individuals (HNIs) and very important personalities (VIPs) have been receiving letters from Ministry of Finance (MoF) and various State Boards of Internal Revenue Services on their tax status, requesting them to take advantage of VAIDS to regularize their tax status. The first set of letters were issued last year following a special data mining project (“Project Lighthouse”) carried out by MoF in preparation for aggressive tax chase upon expiration of VAIDS. Data from sources such as Bank Verification Number (BVN),…