Introduction On June 27, 2022, the Federal High Court (FHC) in Abuja ruled on the applicability of tax amendments to transactions predating such amendments. This ruling came from an appeal by Accugas Limited against the Federal Inland Revenue Service (FIRS) and the Attorney General of the Federation. The court’s decision addresses whether the Finance Act […]

Introduction The Value Added Tax Act (VATA), as amended, imposes VAT on all goods and services supplied in Nigeria. A supply is considered to have occurred in Nigeria when an invoice or receipt is issued by the supplier, when the supplier receives consideration, or when the consideration becomes due from the buyer. However, certain goods

Introduction On May 6, 2024, the Central Bank of Nigeria (CBN) issued guidance on implementing the National Cybersecurity Levy. However, following significant concerns from stakeholders, the government suspended this levy on May 17, 2024. As businesses increasingly rely on technology, balancing the benefits and risks of cyber threats becomes critical. This article examines the evolution

Introduction The Financial Technology (Fintech) sector in Nigeria has experienced remarkable growth, even as other sectors have faced stagnation. This growth has drawn significant attention from tax and regulatory agencies due to the substantial investments pouring into the Fintech ecosystem. According to the Nigeria Inter-Bank Settlement System (NIBSS), the volume of financial transactions processed via

Introduction The tax landscape in Nigeria is continually evolving, necessitating businesses to regularly evaluate their tax structures, positions, and compliances. This ensures that their overall tax positions are well-documented, compliance is maintained, and potential litigation issues are addressed effectively. The introduction of the Finance Acts in Nigeria has significantly altered the tax compliance regime, making

Introduction Filing Pay-As-You-Earn (PAYE) returns is a meticulous and complex process for employers in Nigeria. Accuracy and completeness in these returns are crucial for compliance and to ensure proper tax deductions and remittances for employees. However, errors can occur, leading to potential penalties and complications. Understanding these pitfalls and implementing prevention strategies is essential to

Introduction Filing Annual Pay-As-You-Earn (PAYE) returns is a crucial aspect of tax compliance for every employer in Nigeria. Adherence to the guidelines set by the Federal Inland Revenue Service (FIRS) and State Internal Revenue Service (SIRS) is essential to avoid penalties and ensure smooth operations. This comprehensive guide provides essential insights into the Annual PAYE

Introduction As we approach the annual Personal Income Tax (PIT) returns filing season, it’s crucial to remember the deadline of March 31, 2024, as mandated by Section 41 of the Personal Income Tax Act, 2011. This guide provides all the necessary information to ensure compliance and avoid potential penalties. Understanding PIT Returns Filing Filing your

Introduction Globalization, propelled by rapid technological advancements and increased economic integration, has created numerous opportunities for productivity and improved living standards. However, not all countries, including Nigeria, have provided adequate infrastructure for citizens, especially the disadvantaged, to fully harness these opportunities, increase their incomes, and contribute their fair share of taxes. This article focuses on