Introduction The Federal Inland Revenue Service (FIRS) published guidelines aimed at clarifying the nature and extent of inquiries related to various tax compliance processes, including desk examinations, tax audits, tax investigations, and other tax inquiry activities. These guidelines are pivotal in providing clarity and avoiding potential conflicts or disputes between revenue officers and taxpayers. One […]

Introduction Issuing final and conclusive tax assessments signifies a crucial phase in tax administration, often representing a resolution to tax disputes. However, the legal foundation of such assessments is paramount, as highlighted in the Longe Medical Centre & Anor v. AG Ogun State (2020) LPELR- 49751 case. This case serves as a compelling example of

Introduction: In recent times, the Federal Inland Revenue Service (FIRS) has been diligently pursuing tax compliance among companies to boost revenue collection. This drive has led to significant updates in tax regulations, particularly in the area of non-resident shipping companies. Following amendments to the Companies Income Tax Act (CITA) in the Finance Act of 2023,

In a groundbreaking move aimed at enhancing Nigeria’s position as a preferred investment destination in Africa, President Bola Ahmed Tinubu signed three Executive Orders on February 28, 2024. These orders signify the Federal Government of Nigeria’s (FGN) commitment to improving the investment climate and driving reforms in the Petroleum Sector. Let’s delve into the key

Introduction The Financial Reporting Council of Nigeria (FRCN) Amendment Act of 2023 brings about significant changes to the regulatory landscape for businesses operating in Nigeria. These amendments, aimed at enhancing transparency, accountability, and good governance, have far-reaching implications for Public Interest Entities (PIEs) and professionals within the business sector. In this analysis, we delve into

Introduction The Nigerian Export Promotion Council (NEPC) was established in 1976 with the primary objective of diversifying the country’s economy away from over-reliance on oil revenue. One of the key initiatives introduced by NEPC is the Export Expansion Grant (EEG) Scheme, which operates under the Export (Incentives and Miscellaneous Provisions) Act. The EEG Scheme is