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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 »

Key Information for 2022 PAYE Returns Filing.

Leave a Comment / National News, Tax /

Filing PAYE returns for employers is a routine task, occurring annually in the initial month. According to Section 81 of the Personal Income Tax Act (PITA), employers are obligated to submit yearly returns that encompass the income disbursed to their employees, along with the PAYE deductions remitted to the relevant tax authorities on behalf of

Key Information for 2022 PAYE Returns Filing. 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 »

FIRS Urges Compliance: Foreign Shipping Companies Must Adhere to Nigeria’s Tax Laws.

Leave a Comment / FIRS /

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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