Nigeria: FIRS extends interest and penalty relief deadline regarding some tax liabilities
On 9 July 2020, the Federal Inland Revenue Service (FIRS) announced the due date of the waiver of penalty and interest relief regarding tax liabilities or tax debts owed by individuals and businesses is extended from 30 June 2020 to 31 August 2020.
See MoreNigeria: Finance Minister announces new tax on non-resident digital transactions
The Minister of Finance, Budget and National Planning has recently issued the Companies Income Tax Order, 2020, which was effective from 3 February 2020. But, it was made public on 29 May 2020. The Order clarifies the meaning of Significant
See MoreNigeria: FIRS announces to extend deadline for interest and penalty relief
On 2 June 2020, the Federal Inland Revenue Service (FIRS) issued a public notice to extend the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments.
See MoreNigeria: FIRS issues several Circulars on provisions of tax laws amended by Finance Act 2019
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
See MoreNigeria: FIRS announces new measures for coronavirus impact
The Federal Inland Revenue Service (FIRS) made some announcement of tax measures during COVID-19 outbreak: On 30 April 2020, the FIRS published a Public Notice, which provides that no interest and penalties will be charged to taxpayers having
See MoreNigeria: Tax authority launches an e-filing portal for TP documents and forms
The Federal Inland Revenue Service (FIRS) has recently announced an electronic portal, which permit taxpayers to complete and submit the transfer pricing declaration and disclosure forms, country-by-country (CbC) reports and CbC notification forms
See MoreNigeria: FIRS announces tax relief measures during COVID-19 pandemic
On 23 March 2020, the Federal Inland Revenue Service (FIRS) announced tax relief measures due to coronavirus (COVID-19) pandemic. The key measures are: the extension of the deadline for the filing of personal income tax returns by 3 months from
See MoreNigeria: Tax Appeal Tribunal makes a decision on a transfer pricing case
On 19 February 2020, the Tax Appeal Tribunal made a decision regarding a transfer pricing case, entitled “Prime Plastichem Nigeria Limited v Federal Inland Revenue Service (FIRS), in favour of the FIRS on all the issues raised for determination
See MoreNigeria: FIRS issues a public notice regarding tax payment deadlines
On 21 February 2020, the Federal Inland Revenue Service (FIRS) issued a public notice, which states the deadlines for tax payment under the Finance Act 2019. According to the notice, the FIRS notified the general public, companies, and taxpayers
See MoreNigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See MoreNigeria: House of Representatives passes Finance Bill 2019
On 28 November 2019, the House of Representatives passed the Finance Bill 2019. It was passed its third reading by the National Assembly on 21 November 2019. Major proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate
See MoreNigeria: Senate passes third reading of Finance bill 2019
On 21 November 2019, the Senate passed the Finance Bill 2019, which seeks an amendment of Nigeria’s tax laws and make them more responsive to the tax policies of the Federal Government, among other things. The President stated that the amendment
See MoreNigeria: Finance Bill 2019 passes second reading in parliament
On 6 November 2019, the Finance Bill 2019 passed its second reading at the Senate. Main proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate (CIT) applies for companies with turnover between NGN25-million and
See MoreNigeria: Tribunal issues decision in a case on dividends paid from tax exempt income
The Tax Appeal Tribunal issued a decision in a case entitled “United Capital Asset Management Ltd and United Capital Trustee Ltd v. Federal Inland Revenue Service” on the application of excess dividend tax in terms of section 19 of the
See MoreNigeria: President presents Budget proposal for 2020
On October 8, 2019, the president, Muhammadu Buhari, presented the draft budget for the year 2020. President Muhammadu Buhari arrives the green chambers of the National Assembly where the joint session of holding to receive the 2020 appropriation
See MoreNigeria: FIRS introduces e-filing for submitting TP returns
On 27 September 2019, Federal Inland Revenue Service (FIRS) described the way of how to submit transfer pricing (TP) returns through the electronic platform, when it is active. Now, the FIRS is get ready to automate the process of filing TP
See MoreNigeria: FIRS issues Income Tax (CRS) Regulations, 2019
Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Common Reporting Standard (CRS)) Regulations, 2019. The effective date of the regulations is 1 July 2019. This follows Nigeria's signing of the Multilateral Convention on
See MoreNigeria: TP returns due on 30 June
It’s a reminder for the companies with a 31 December year-end required to file a transfer pricing (TP) return by 30 June 2019. Pursuant to the Transfer Pricing Regulations of 2018, existing companies with financial year-end of 31 December 2018
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