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Tag: Tax

VAT: How to calculate VAT as a business owner

The amount remitted to the tax authorities as a business owner is “tax liability”. In this video, we teach you how to calculate VAT as a business owner in Nigeria. Don’t know what VAT is? Check out this video where we explain it. FOLLOW US on Social Media Linkedin Instagram

FIRS grants further palliatives in response to recent business disruptions

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 The additional palliatives granted by

VAT: What is Value Added Tax?

Do you know that as a final consumer you pay Value Added Tax (VAT)? In this video, we explain who a final consumer is, what VAT is and why it is charged. Learn the basics of VAT in Nigeria. FOLLOW US on Social Media Linkedin Instagram Facebook  

TAT Rules that Rental Income from Property Leases are VAT Exempt

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

Recent Developments on Stamp Duties in Nigeria

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

Key Considerations for Improving Electronic Tax Administration in Nigeria

Over the past decade, there has been a strong global move towards digitalisation. Most sectors are gravitating towards improving and transforming their business operations. Business functions and processes are leveraging technology solutions to expand the use and context of digitized data. In most economies, tax authorities have also tapped into

COVID-19: FIRS announces waivers

The Federal Inland Revenue Service (FIRS) earlier issued a Public Notice on 30 April 2020 announcing its decision to waive interest and penalties on outstanding tax liabilities arising from desk reviews, tax audits and investigations. In order to be eligible for the relief, the Service stated that the affected taxpayers

Major changes introduced by the 2019 Finance Act

The Finance Act 2019 recently signed into law by the President of the Federal Republic of Nigeria came into effect on 1 February 2020. The Act introduced the much needed changes to Nigeria’s tax and fiscal laws for various strategic purposes, particularly to enable enough funding of the 2020 budget.