News & Education
The Federal Inland Revenue Service (FIRS) has issued a public notice on the VAT Modification Order, 2020. The Service noted that the notice, which is to give clarification on the Order, is sequel to the several enquiries received from taxpayers requesting to know whether or not some items are exempt from VAT in view of... Continue Reading →
The Ondo State Internal Revenue Service (ODIRS) has remitted the sum of 12million Naira to all the eighteen (18) Local Governments in the State, being for Radio and Television Licensing fee. This was consequent upon the Revenue Agency's mandate to assist the LGs in collecting their revenues and disbursing accordingly. The cheque was presented by... Continue Reading →
Section 14 (3) & (4) of the Value Added Tax Act introduced a self-account provision for all supplies for which VAT was not charged. Section 14 (3) of the Act provides that: A non-resident company shall include the tax in its invoice and the person to whom the goods are supplied in Nigeria shall remit... Continue Reading →
Paragraph 8 of the Second Schedule to the Companies Income Tax Act Cap C21 LFN 2004 (as amended) provides that capital allowance shall only be granted to a company in a year of assessment if at the end of the year, the company is the owner of the asset and that the asset was in... Continue Reading →
Section 24(1) of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) provides that: There shall be exempt from the tax- a. the profits of any company being a statutory or registered friendly society, in so far as such profits are not derived from a trade or business carried on by such society;... Continue Reading →
It is a common knowledge that dividend is an investment income. While dividend is generally liable to Withholding tax deduction at source, some dividend payments are exempted from tax, one which is dividend distributed by a unit trust (Companies Income Tax Act). There is a provision in the Companies Income Tax Act Cap C21 LFN... Continue Reading →
In business, some companies prefer to lease certain assets to an outright purchase. The reasons for this may range from the need to preserve cash flow (i.e. flexible payment terms) to enjoying the technical expertise of the original owner of the asset. In accordance with the International Financial Reporting Standard (IFRS) 16, depending on some... Continue Reading →
