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 days’ notice to taxpayers before
Today we’ll discuss What CGT is, what assets qualify for CGT, who pays CGT, and the percentage charged. What is Capital Gains Tax? Capital gains tax is charged on the gains arising from disposal of a chargeable asset. So, if Company A buys a generator for day-to-day use (a
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 (YOA). TCN objected to this
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 (VAT) on rental income and
Stamp Duty is a tax chargeable either at fixed rates (flat amounts) or ad valorem (as a percentage of the value of a transaction), depending on the class of instrument as provided in the Stamp Duties Act (SDA). These instruments include notarial acts, agreements, conveyance on sale of property, powers
Prior to the enactment of Companies and Allied Matters Act (CAMA) 2020, the old legislation made provisions only for general partnerships. This type of partnership permits individuals to enter into partnership agreements which can be registered under part B of CAMA as a business name. Professionals have long used this