Introduction: In the ever-evolving landscape of Nigerian businesses, the key to staying competitive lies in the continuous development of the workforce. Recognizing the pivotal role played by skilled and empowered employees, Industrial Training Funds (ITFs) emerge as a transformative force. In this article, we will delve into the profound impact of ITFs on employee skill […]
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 »
Introduction: In a Public Notice released in October 2022 titled “Real Time Direct Collection of Taxes from Online Gaming Transactions,” the Federal Inland Revenue Service (FIRS) announced the commencement of the automation process for administering taxes on online gaming activities in Nigeria. The primary aim of this automation is to streamline tax compliance for companies
FIRS Initiates Automation of Taxation for Online Gaming in Nigeria. Read More »
In a Public Notice titled ‘Value Added Tax Act (CAP V1, LFN 2004) (as amended): Appointment of Certain Companies to Withhold VAT,’ the Federal Inland Revenue Service (FIRS) has officially designated MTN, Airtel, and all Deposit Money Banks (as defined by CBN Guidelines) as appointed agents responsible for withholding Value Added Tax (VAT) on taxable
FIRS Designates Telecom and Banks as VAT Withholding Agents. Read More »
The Federal Inland Revenue Service (FIRS) is calling on foreign companies engaged in shipping crude oil from Nigeria to ensure compliance with the country’s tax laws. Zacch Adedeji, Chairman of FIRS, issued this directive during a workshop on the taxation of non-resident shipping companies, organized in collaboration with the Oil Producers Trade Section (OPTS) in
FIRS Urges Compliance: Foreign Shipping Companies Must Adhere to Nigeria’s Tax Laws. Read More »
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