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The Finance Bill 2021 has been presented to the National Assembly for deliberation, featuring substantial amendments to 12 different laws, set to take effect in 2022. Here are the key proposed changes introduced by the Finance Bill 2021: Capital Gains Tax Company Income Tax Federal Inland Revenue Service Establishment Act Nigeria Police Trust Fund (Establishment)

NIGERIA’S FINANCE BILL 2021: NOTABLE PROPOSALS AND CHANGES. Read More »

UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA.

The Companies Income Tax Act, Cap C2, LFN 2004 (“CITA”) serves as the overarching income-tax administrative framework for companies operating in Nigeria. Notably, Section 16 of CITA is specifically tailored to address the unique income-tax administrative requirements of companies within the insurance sector. In a significant revision brought about by the Finance Act 2021 (“The

UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA. Read More »

OPTIMIZE YOUR FINANCES THROUGH STRATEGIC TAX PLANNING.

Leave a Comment / CAC- Corporate Affairs / Yemisi2025

Overlooking the importance of tax planning can result in costly mistakes. Individuals who neglect careful planning often find themselves paying more in taxes than necessary, leading to frustration. Fortunately, there are proactive measures to avoid such pitfalls, and tax planning stands out as a crucial strategy. Tax planning involves the development of a financial strategy

OPTIMIZE YOUR FINANCES THROUGH STRATEGIC TAX PLANNING. Read More »

Management and Tax Implications of Bad Debts: A Focus on FIRS Practices.

Leave a Comment / CAC- Corporate Affairs / Yemisi2025

Introduction: In the normal course of business operations, organizations often encounter bad debts, defined as expenses arising from irretrievable or uncollectible account receivables. Managing bad debts involves assessing their impairment on a forward-looking basis and reporting them in financial statements, adhering to International Financial Reporting Standards (IFRS) 9 on “Financial Instruments.” Various reasons contribute to

Management and Tax Implications of Bad Debts: A Focus on FIRS Practices. Read More »

Key Aspects of Company Income Tax (CIT) in Nigeria.

Leave a Comment / Nigerian Tax, Tax / Yemisi2025

Introduction: Companies operating in Nigeria, earning legitimate income, fall under the purview of the Company Income Tax Act (CITA), Cap C21, LFN 2004 (as amended). While CITA mandates the payment of taxes on revenue from various sources, there are exemptions outlined in the Act. Taxable Income Sources: The following income sources are subject to CIT

Key Aspects of Company Income Tax (CIT) in Nigeria. Read More »

Accessing Retirement Savings for Residential Mortgages: New Guidelines.

Leave a Comment / Nigerian Tax, Tax / Yemisi2025

Introduction: The National Pension Commission (PenCom) has recently approved and implemented guidelines allowing Retirement Savings Account (RSA) holders in the Contributory Pension Scheme (CPS) to access part of their RSA balance for equity contributions towards residential mortgages. This development follows the amendments introduced by the Finance Act of 2020, enabling Pension Fund Administrators (PFAs) to

Accessing Retirement Savings for Residential Mortgages: New Guidelines. Read More »

Proposed Suspension of Telecom Excise Duty Implementation.

Leave a Comment / Nigerian Tax, Tax / Yemisi2025

Introduction: The Finance Act, 2020, introduced a 5% excise duty on telecommunication services in Nigeria, scheduled for implementation in 2023. Recently, the Minister of Communications and Digital Economy, Isa Pantami, declared a purported suspension of this excise duty during the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector. Pantami

Proposed Suspension of Telecom Excise Duty Implementation. Read More »

Procedures for FIRS Consent and Tax Considerations in Mergers.

Leave a Comment / FIRS, Nigerian Tax, Tax / Yemisi2025

Introduction: In accordance with the Federal Competition and Consumer Protection Act of 2018, mergers in Nigeria involve one or more undertakings gaining control over the business of another. This can be achieved through share purchase, amalgamation, or joint ventures. The Federal Inland Revenue Service (FIRS) plays a crucial role in the merger process, requiring its

Procedures for FIRS Consent and Tax Considerations in Mergers. Read More »

Application of Value-Added Tax (VAT) on Financial Institutions’ Services.

Leave a Comment / Nigerian Tax, Tax / Yemisi2025

Introduction: Under the amended Value Added Tax Act (VATA), a tax is imposed on all goods and services supplied in Nigeria. While an exemption exists for goods and services listed in the First Schedule to the VATA, financial institutions are generally obligated to charge VAT on their services, as clarified by recent legislative modifications. Imposition

Application of Value-Added Tax (VAT) on Financial Institutions’ Services. Read More »

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INNERKONSULT LTD.

Author name: Yemisi2025

UNDERSTANDING NIGERIA’S COUNTRY-BY-COUNTRY REPORTING REGULATIONS.

NIGERIA’S FINANCE BILL 2021: NOTABLE PROPOSALS AND CHANGES.

UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA.

OPTIMIZE YOUR FINANCES THROUGH STRATEGIC TAX PLANNING.

Management and Tax Implications of Bad Debts: A Focus on FIRS Practices.

Key Aspects of Company Income Tax (CIT) in Nigeria.

Accessing Retirement Savings for Residential Mortgages: New Guidelines.

Proposed Suspension of Telecom Excise Duty Implementation.

Procedures for FIRS Consent and Tax Considerations in Mergers.

Application of Value-Added Tax (VAT) on Financial Institutions’ Services.

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