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 […]
In an effort to bolster tax revenue in Nigeria, the Federal Government is set to implement rigorous enforcement measures to ensure compliance with existing tax laws. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), revealed the government’s ambitious plan to elevate the tax-to-Gross Domestic Product (GDP) ratio to 18 percent by 2026. Speaking
The Lagos State Internal Revenue Service (LIRS) has enforced the closure of 34 corporate organizations and 23 establishments in the hospitality sector for their failure to remit Personal Income Taxes of employees and non-remittance of consumption taxes to the Lagos State Government, accumulating a total tax debt of over N356.12 million. In a statement released
The Lagos State Internal Revenue Service (LIRS) has unveiled an advanced approach to collecting Hotel Occupancy and Restaurants Consumption Tax (HORCT) in the region. In a public notice directed at stakeholders in the hospitality sector, including hotel owners, event centers, restaurants, and bars, the Executive Chairman of LIRS, Ayodele Subair, introduced the Eco Fiscal System
Nigeria’s Federal Inland Revenue Service (FIRS) has implemented significant updates to enhance the Value Added Tax (VAT) compliance processes on its ICT-based tax compliance platform known as TaxPro MAX. The revisions impact Sales, Purchases, Sales Adjustments, and the VAT Returns Form. Below are 15 key notes elucidating the changes on the Platform and their implications
15 NOTES ON NIGERIA’S UPDATED VAT E-FILING PLATFORM. Read More »
Introduction: In a rapidly evolving business landscape, collaborations and partnerships have become vital for Nigerian companies seeking to harness innovation and drive growth. In the realm of collaborative ventures, the sharing of intellectual property (IP) emerges as a strategic asset. However, the complexities of IP sharing are intertwined with tax implications. This article delves into
Introduction: Small and Medium-sized Enterprises (SMEs) form the backbone of economies worldwide, driving innovation, creating jobs, and contributing to economic growth. In Lagos, Nigeria, the importance of SMEs is recognized, and the Lagos Inland Revenue Service (LIRS) has adopted a supportive approach by offering a range of tax incentives to empower and encourage these businesses.
SMEs and Tax Incentives: Lagos Inland Revenue Service’s Supportive Approach. Read More »
Introduction: Startups are the lifeblood of innovation and economic growth, driving forward new ideas and solutions that shape industries and societies. Recognizing the vital role startups play in Lagos, Nigeria’s economic landscape, the Lagos Inland Revenue Service (LIRS) has introduced a range of tax incentives to support and encourage these innovative businesses. This article delves
LIRS and Startups: Exploring Tax Incentives for Innovative Businesses. Read More »
Introduction: The rise of e-commerce has reshaped the business landscape, providing opportunities for entrepreneurs to reach a global market from the comfort of their homes. However, as the world of commerce evolves, so do the complexities of taxation. In Lagos Nigeria, the Lagos Inland Revenue Service (LIRS) has been closely observing the growth of digital
E-commerce Taxation in Lagos: Inland Revenue’s Perspective on Digital Businesses. Read More »
Introduction: Tax planning is a critical aspect of financial management for businesses in Nigeria. Companies strive to optimize their tax positions while ensuring compliance with the Companies Income Tax (CIT) Act. Effective tax planning involves employing strategic techniques to legally minimize tax liabilities and maximize after-tax profits. In this article, we will delve into effective
CIT Planning Strategies: Effective Tax Planning Techniques for Nigerian Companies. Read More »
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