On 9 May 2020, the Federal Internal Revenue Service (FIRS) issued the following Information Circulars numbered through 2020/02 – 08. The Circulars provides guidance to stakeholders regarding the interpretation of the amendments to extant tax laws by the Finance Act 2019, and practical issues associated with their implementation.
Circular No. 2020/02 describes the process of administrative obligations on VAT elaborately such as the definition of goods and services, rate, VAT threshold, penalty regime, registration, or deregistration.
On the other hand, Circular No. 2020/04 covers the payment of dividends by a Nigerian company, filing of tax returns, exemption of small companies from income tax, withholding tax rate for construction contracts, tax, or penalty borne on behalf of another person.
