Overview In a notable ruling on 21 July 2022, the Tax Appeal Tribunal (TAT) tackled critical tax issues in the case involving Dangote Industries Limited (Dangote) and the Federal Inland Revenue Service (FIRS). This case not only sheds light on fair hearing principles but also delves into the application of Excess Dividend Tax and VAT […]
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
FIRS and LIRS Join Forces: Enhancing Tax Administration Through Collaboration. Read More »
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,
Navigating the Finance Bill 2023: Key Changes and Implications for Taxpayers Read More »
Introduction Tax amnesty programs have emerged as vital instruments for tax authorities worldwide, designed to encourage voluntary compliance, bolster revenue streams, and integrate previously undisclosed assets into the formal economy. In Nigeria, where combating tax evasion is a strategic priority, these programs have assumed a critical role in fostering voluntary disclosure and curbing evasion, thereby
Introduction In response to the growing importance of sustainability in business practices globally and nationally, the Financial Reporting Council of Nigeria (FRCN) issued a Public Notice on October 9, 2023, outlining the requirements for reporting entities to become early adopters of the International Financial Reporting Standards (IFRS) S1 and S2 Sustainability Disclosure Standards. Background and
The announcement by the Federal Inland Revenue Service (FIRS) regarding the one-month full waiver of penalty and interest on outstanding tax liabilities garnered significant attention. This waiver, contingent on full payment of the outstanding principal liability by December 31, 2023, marked a pivotal moment for taxpayers and the tax administration system in Nigeria. Overview of
Understanding the Impact of FIRS Waiver on Outstanding Tax Liabilities. Read More »
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
Overview of the FIRS guidelines on tax compliance Read More »
Introduction As audit committees step into the challenges and opportunities of 2024, they face a range of critical issues that demand their attention and strategic oversight. This article will delve into eight crucial factors that audit committees should keep top-of-mind as they shape and execute their agendas for the year ahead. From emerging technologies to
Navigating Complexity: Key Considerations for Audit Committees in 2024 Read More »
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,
Navigating the Evolving Taxation Landscape for Non-Resident Shipping Companies Read More »
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