TAG: VAT

Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD

Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD

The last two editions of our InsideTax publication have focused on tackling tax leakages in the 21st century.  Without doubt, the need for revenue...


These five states account for 87 % of Nigeria’s VAT revenue

These five states account for 87 % of Nigeria’s VAT revenue

The Minister of Finance, Mrs Kemi Adeosun remarked that 87% of Nigeria’s VAT comes from four states and Federal Capital Territory (FCT) while only...


FIRS explains how it plans to achieve N1.8 trillion VAT target for 2017

FIRS explains how it plans to achieve N1.8 trillion VAT target for 2017

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, stated that the service has automated VAT collection for the critical...



Tax certificate collection and the 5 other online services the FIRS has introduced

Tax certificate collection and the 5 other online services the FIRS has introduced

The Federal Inland Revenue Service (FIRS) has upgraded its web platform and as such has introduced some 6 new electronic solutions Nigerians can make...


Taxation of entertainers and sportsmen in Nigeria – What, how and where?

Taxation of entertainers and sportsmen in Nigeria – What, how and where?

Nairametrics| It is trite that around the world, entertainers and sportsmen are some of the highest paid individuals. Their sources of income are vast,...


World Bank Is Asking FG to Increase Taxes in Order to Service Debts

World Bank Is Asking FG to Increase Taxes in Order to Service Debts

Will Nigerians take that...


FHC Ruling On ₦50 Stamp Duty On Bank Deposits Explained

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 issued by Central Bank of...


Analysis: Are Expenses Incurred Outside Nigeria Tax Deductible?

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 not left Nigeria and Nigerian...


Accounting For VAT in Nigeria – Cash or Accrual Basis?

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 levied at each stage of...


Alert: Adeosun Hints VAT On Champagne And Other Luxury Items Might Be 20%

Alert: Adeosun Hints VAT On Champagne And Other Luxury Items Might Be 20%

Another shot at...


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

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 regarding eligibility for the waiver....


FIRS Grants 45 days Amnesty To Tax Payers; Here Is What You Need To Know

FIRS Grants 45 days Amnesty To Tax Payers; Here Is What You Need To Know

Every "good thing" has a time...


Nigeria’s Excess Dividend Tax Explained

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 profits. But it could come...


VAT and WHT Deduction & Remittances For Nigerian Bloggers & Online Websites Explained

VAT and WHT Deduction & Remittances For Nigerian Bloggers & Online Websites Explained

This is for bloggers and news website owners like...


Who gets what? VAT and WHT Deductions From Invoice Explained

Who gets what? VAT and WHT Deductions From Invoice Explained

Let's explain this once and for...


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

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 evasion. Since the new Chairman...


Contractors Must Be Tax Compliant Before They Get Paid – Buhari

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 henceforth not be paid by...


FIRS Says NNPC Is Owing Over $300 Million In Tax

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) has an outstanding tax debt...


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

[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, Mrs. Kemi Adeosun, made this...


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

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 revenue of N4.9 trillion in...


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

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 as long as companies in...


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

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 of members of their staff...


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

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 of their workers to the...


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

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.  The proposal is meant to...


Ambode Appoints New Tax Master For Lagos

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 Internal Revenue Service (LIRS). Ogunsanwo’s...


Tax-Master Fowler Will Not Use Consultants To Collect Tax

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 used to collect tax. He...


NNPC Commence Recovery Of $7b Over – Deducted Tax

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 from JV Partners on major...


[TAX] See How Much Nigeria Looses On Waivers

[TAX] See How Much Nigeria Looses On Waivers

A startling revelation was made at the weekend with the reported loss of N577billion (about $2.9 billion)  Nigeria on tax waivers to mostly multi-national...


[WATCH OUT] FG, States  Approves Hotel & Restaurant Tax, Parking Permit and Other Levies

[WATCH OUT] FG, States Approves Hotel & Restaurant Tax, Parking Permit and Other Levies

The Government in May without much fanfare gazette an approved list of taxes and levies collectible by the three tiers of Government. The Schedule...


FIRS Will Ground Airlines Over Tax Evasion

FIRS Will Ground Airlines Over Tax Evasion

The Federal Inland Revenue Services (FIRS) is set to stop airlines that have failed to pay their Value Added Taxes (VAT) by the middle...