Introduction In a move geared towards optimizing tax administration and fostering efficiency in revenue collection, the Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS) signed a landmark Memorandum of Understanding (MoU) on 6 February 2023. This strategic collaboration aims to streamline tax audit and investigation processes, promote the exchange of vital […]

Introduction The Finance Act of 2023, a pivotal piece of legislation signed into law on 28 May 2023 by former President Muhammadu Buhari, heralds significant amendments across various tax and regulatory frameworks in Nigeria. With an effective date of 1 May 2023, this Act introduces a spectrum of modifications impacting the Capital Gains Tax Act,

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