Recall that on 2 January 2012, the federal government issued the Companies Income Tax (Exemption of Bonds and Short-Term Government Securities) Order, 2011. The Order granted corporate income tax waiver on all bonds and debt instruments issued by all tiers of government and corporate entities effective from 2 January 2012
The Bill for the amendment of the Nigerian Finance Act 2021 was transmitted to the National Assembly on the 7th of December 2021 by President Muhammadu Buhari. The Bill was subsequently passed into law two weeks after and its application is effective from 1 January 2022. Among other objectives, the
The Federal Inland Revenue Service (FIRS) alleged that MultiChoice Nigeria (MCN or the Company) had under-remitted about N1.8 trillion in taxes, and directed banks with which the Company had accounts, to freeze such accounts, recover the alleged under-remitted sum and pay over to the FIRS. MCN disputed the assessment and
Filing annual returns ensures that a business complies with the requirement of the tax laws. It also ensures that a company gets Tax Clearance Certificate (TCC) which is a requirement for government contract bidding in Nigeria. Failure to file annual returns with the FIRS attracts penalties that can become
VAT was introduced in Nigeria via Decree No.102 of 1993. It replaced sales tax operated under Decree No.7 of 1986, administered by states and the FCT. By contrast, VAT is administered by the FIRS, and the revenue is shared among all three levels of government. Both VAT and sales tax
Recently, the Chief Judge (CJ) of the Federal High Court (FHC) issued the Federal High Court (Federal Inland Revenue Service) Practice Directions, 2021 (the Directions) in respect of tax matters and applications filed by the Federal Inland Revenue Service (FIRS). The Directions, amongst other objectives, seek to facilitate the speedy dispensation of justice relating
Why is CIT administration important? For one, it ensures that all resident & non-resident companies comply with relevant tax laws & the applicable taxes assessed are collected and used in the country’s development. What is involved in CIT Administration? Companies Income Tax administration involves tax filing & assessment, collection &
Background The Petroleum Industry Bill (PIB) seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities. It contains 5 Chapters, 319 Sections and 8 Schedules. Key Changes in the Bill Chapter 1 – Governance and Institutions The key objective is
Background On 28 May 2021, the Tax Appeal Tribunal (TAT) South-South Zone, sitting in Benin, delivered a judgment in a matter between Ecobank Nig. Ltd (“the Bank”) v Delta State Board of Internal Revenue (“the Revenue”). The matter bordered on the legality or otherwise of the Revenue carrying out tax
Background The Companies and Allied Matters Act 2020 (CAMA 2020 or the Act) was signed into law and gazetted with a commencement date of 7 August 2020. The Act, which repeals the 1990 Company Act, introduces wide-range of changes to Nigeria’s business environment. It is important that business owners and