CATEGORY: TAX


FHC Ruling On ₦50 Stamp Duty On Bank Deposits Explained

Deloitte| A Federal High Court (FHC) on 13 March 2017, delivered a judgment on the validity of the circular...


Analysis: Are Expenses Incurred Outside Nigeria Tax Deductible?

Tax Deductibility Of Expenses Incurred Outside Nigeria: Are Days Of Arbitrary Awards Over? The increased pace of globalisation has...



Accounting For VAT in Nigeria – Cash or Accrual Basis?

The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is...


6 Key Clarifications On The FIRS Tax Amnesty Program (Updated)

New Update Subsequent to our recent tax alert on the ongoing tax amnesty, we have received further update from the FIRS...



Nigeria’s Excess Dividend Tax Explained

It is typical for companies in a particular year, to pay dividends out of retained earnings and/or current year...



The Steps FIRS Takes Before It Seals Your Office For Not Paying Tax

The Federal Inland Revenue has made it clear to businesses in Nigeria that it has serious about tackling tax...


Contractors Must Be Tax Compliant Before They Get Paid – Buhari

Any contractor that is unable to present evidence of tax payment to the Federal Inland Revenue Service (FIRS) will...


FIRS Says NNPC Is Owing Over $300 Million In Tax

Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, disclosed yesterday that the Nigerian National Petroleum Corporation (NNPC)...


[Revealed] 363,000 Companies Never Paid Any Tax In Nigeria – Adeosun

The Federal Government has said that 363,000 companies doing business in Nigeria have never paid tax. Minister of Finance,...


FIRS Boss Says Agency Is Targeting Revenue Of N4.9 Trillion In 2016.

Chairman of the Federal Inland Revenue Service (FIRS) Babatunde Fowler on Monday, announced that the agency is targeting a...


Nigeria’s Economy Will Not Grow If Companies Keeps Evading Tax – CITN Boss

The Chartered Institution of Taxation of Nigeria (CITN), has said that Nigerians should not expect the economy to grow...


Tax Evasion: Lagos Shuts 13 Firms Over Failure To Remit N33.8 million

Lagos State Internal Revenue Service (LIRS) has shut 13 companies for failure to remit N33.78 million Personal Income Tax...


Lagos State Government Seals 6 Companies Over N18.73m Tax Evasion

The Lagos State Internal Revenue Service (LIRS) has sealed six companies for failure to remit N18.73 million personal income taxes...


Here Is How The State And Federal Tax Authorities Will Collaborate To Audit You

The Joint Tax Board (JTB) is proposing the commencement of joint audits by the FIRS and state tax authorities....


Ambode Appoints New Tax Master For Lagos

The Governor of Lagos State, Mr. Akinwunmi Ambode has appointed Mr. Olufolarin Ogunsanwo as the new Chairman, Lagos State...


Tax-Master Fowler Will Not Use Consultants To Collect Tax

Acting Chairman of the Federal Inland revenue Service, FIRS, Mr. Tunde Fowler, has said that consultants will not be...


NNPC Commence Recovery Of $7b Over – Deducted Tax

The Nigeria National Petroleum Cooperation (NNPC) has begun the process of recovering over $7 billion in over-deducted tax benefits...