INNERKONSULT LTD.

Book a Meeting

INNERKONSULT LTD.

Nigerian Tax

Proposed Suspension of Telecom Excise Duty Implementation.

Leave a Comment / Nigerian Tax, Tax /

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 /

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 /

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 »

FIRS Initiates Automation of Taxation for Online Gaming in Nigeria.

Leave a Comment / FIRS, Nigerian Tax, Tax /

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 »

FIRS Designates Telecom and Banks as VAT Withholding Agents.

Leave a Comment / FIRS, Nigerian Tax, Tax /

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 »

LIRS Tax Audit Initiative: Ensuring Compliance and Book Accuracy.

Leave a Comment / Nigerian Tax, Tax /

Introduction: The consistent decline in annual government revenue has prompted a strategic shift towards diversifying revenue sources beyond crude oil. To achieve this, comprehensive measures are being implemented to identify and rectify revenue leakages. This includes tightening fiscal policies and scrutinizing non-compliant taxpayers through tax audits. State Tax Audit Exercise: Empowered by Sections 47(4) and

LIRS Tax Audit Initiative: Ensuring Compliance and Book Accuracy. Read More »

Anticipating the Impacts of the Finance Act 2022 on Nigeria’s Fiscal Landscape.

Leave a Comment / Nigerian Tax, Tax /

Introduction: Each year, the Fiscal Policy Reforms Committee (FPRC), acting under the Minister of Finance’s directive, revises the Finance Act to adapt to evolving economic conditions. This aligns with the National Tax Policy’s 2017 objective of maintaining a flexible fiscal environment. The journey to enhance Nigeria’s fiscal regime began with the 2019 Finance Act, continuing

Anticipating the Impacts of the Finance Act 2022 on Nigeria’s Fiscal Landscape. Read More »

6 Key Points to Understand About Personal Income Tax (PIT) Filing.

Leave a Comment / Nigerian Tax, Tax /

As the deadline for filing Annual Individual Personal Income Tax (PIT) Returns approaches on March 31, 2023, it is crucial to be well-informed and take the necessary steps to ensure compliance. According to Section 41 of the Personal Income Tax Act, 2011, Cap P8 LFN 2004 as amended, individuals are required to file their returns

6 Key Points to Understand About Personal Income Tax (PIT) Filing. Read More »

TAX RELIEFS OUTLINED IN THE PERSONAL INCOME TAX ACT.

Leave a Comment / Nigerian Tax, Tax /

In Nigeria, the Personal Income Tax Act (PITA) serves as the primary legislation governing the taxation of individuals, communities, families, trustees, and estates. Within the framework of the PITA, taxes are imposed on the total income of taxable entities, with certain exemptions detailed in the Third Schedule to the PITA, Items One and Two of

TAX RELIEFS OUTLINED IN THE PERSONAL INCOME TAX ACT. Read More »

TETFund Unveils Comprehensive Intervention Plans for Public Tertiary Institutions in 2024.

Leave a Comment / Nigerian Tax, Tax /

The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, has announced a targeted intervention initiative for public tertiary institutions in the year 2024. The disclosure came during an interactive session with the heads of more than 200 beneficiary institutions in Abuja, where Echono sought their input into the draft disbursement guidelines for

TETFund Unveils Comprehensive Intervention Plans for Public Tertiary Institutions in 2024. Read More »

Manage your finances effortlessly!

©2023.Innerkonsult ltd. All Rights Reserved.

Powered by INNER KONSULT LTD

Scroll to Top
Loading...