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
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
The Tax Appeal Tribunal (TAT) sitting in Lagos on Wednesday, 19 February 2020, delivered judgment in a matter between Prime Plastichem Nigeria Limited (PPNL) v. Federal Inland Revenue Service (FIRS). This judgement came as the ﬁrst to be delivered on Transfer Pricing Regulations in Nigeria. The case bordered on the
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.