Background It is important to recall that the Finance Act (FA) 2020 introduced an amendment to the Federal Inland Revenue Service Establishment Act (FIRSEA), empowering the Service to deploy proprietary technology to automate the tax administration process in Nigeria. The FIRS however, must give 30
Download the PDF for COVID-19 and the imperative for SMEs operational resilience. “It is not the strongest of the species that survives, nor the most intelligent, but rather the one most adaptable to change” -Charles Darwin The material (dated 13th July 2020) was prepared by
Background Tourist Company of Nigeria Plc (TCN or the Appellant) engages in the gaming and hospitality business including the operation of a casino, in Nigeria. The FIRS assessed TCN to ₦88m in unpaid VAT (inclusive of penalties and interests) for the 2016 year of assessment
Background Section 30(1)(b) of the Companies Income Tax Act (CITA) grants FIRS the discretion to assess foreign companies to tax on a reasonable percentage of their turnover where it appears to FIRS that the company either has no assessable profits or has assessable profits that
Background On 30 November 2020, the Tax Appeal Tribunal (TAT or the Tribunal) sitting in Lagos decided in the case of Tetra Pak West Africa Limited (Tetra Pak or the Appellant) and Federal Inland Revenue Service (FIRS or the Respondent) that sales in the ordinary
Nexia Agbo Abel & Co is proud to announce its new partner, Kofi Alex Peddler, effective 1 January 2021. Kofi began his professional career with the firm in 2005 and grew rapidly through the ranks. He would be the second member of staff who would
Background In the wake of a series of gross corporate abuses around the turn of the 21st century, the United States Congress passed Sarbanes-Oxley Act, which intended to make corporate governance more rigorous, financial reporting more transparent, and management criminally liable for lapses. The first
Overview The Pandemic has had a significant commercial impact globally, with over 94 percent of the Fortune 1000 feeling the heat of disruptions caused by it. Nigerian businesses have not been exempted from these negative effects. Some organisations have restructured their staff salary and even
Overview Following the disruption to businesses occasioned by the recent EndSARS protest across Nigeria, the Federal Inland Revenue Service (FIRS) on Wednesday, 4 November 2020 issued a public notice (the Notice) granting additional palliatives to businesses in Nigeria. Additional Palliatives Granted by the Service
Overview On Thursday, 10 September 2020, the Tax Appeal Tribunal (TAT), Lagos Division delivered a judgment in a matter between Ess-ay Holdings Limited (the Appellant) and the Federal Inland Revenue Service (FIRS or the Respondent). The matter bordered on the applicability of Value Added Tax