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.
Tax Appeal Tribunal’s judgement on the taxability of gratuity payments
The Tax Appeal Tribunal sitting in Enugu State on 20 June 2019 delivered a judgment in favour of Nigerian Breweries Plc in a case with Abia State Board of Internal Revenue Service.
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.
Individuals working on the Nigerian offshore oil-drilling platforms – Who gets the tax?
Nigeria operates a federal system of government. Governing bodies at the centre differ from governing bodies in the sub-units (states). This dichotomy also impacts tax administration, with the Federal Inland Revenue Service (FIRS) overseeing taxation of companies, non-resident individuals etc., and State Boards of Internal Revenue (SBIRs) administering taxation of individuals resident within its territory.
LIRS issues public notice on exemption of compensation of loss of employment
The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) with respect to the exemption of compensation for loss of employment. The Notice clarifies payments that qualify for tax exemption as “compensation for loss of employment” under Paragraph 26 of the Third Schedule to Personal Income Tax Act (PITA).
Interest deductions on owner occupied residential houses limited to first application only- LIRS
The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 20 September 2017 with respect to allowable interest deductions on owner-occupied residential houses.
LIRS issues public notice on taxation of interest benefit on employee loans
The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 14 September 2017 with respect to taxation of interest benefits accruing to employees on loans granted by employers.