September 3, 2019

EU directive on administrative cooperation in field of taxation amended

Introduction The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. The amendment builds on the Common Reporting Standard, which allows for the automatic exchange of information on financial accounts held by non-tax residents at an international level […]

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FIRS Public Notice On Deduction At Source of WHT And VAT On Compensation Paid By Principal Companies

The Federal Inland Revenue Service (FIRS) issued a Public Notice today, 14 August 2019, directing taxpayers, particularly companies in the Fast Moving Consumer Goods sector, to deduct and remit withholding tax and value added tax on the “compensation” due to their distributors, dealers and agents.  The FIRS defines “compensation” to include commission, rebates, etc., granted

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FIRS: VAT, withholding tax must be remitted on the 21st of every month

The Federal Inland Revenue Service (FIRS) says all companies must remit value-added tax and withholding tax by the 21st day of every month. According to a statement signed by Babatunde Fowler, the FIRS chairman, some companies have been found not to deduct these taxes at source. VAT is a consumption tax placed on a product

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