News & Education
Section 55 of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) mandates every company including those granted exempted from incorporation and those exempted from paying tax under the Act, to file a self-assessment return with the Federal Inland Revenue Service (herein referred to as "Service") and such return to contain the following:... Continue Reading →
The House of Representatives on June 2, 2020 rejected a motion sponsored by Honourable Unyime Idem (PDP, Akwa Ibom), seeking to suspend implementation of the 7.5% Value Added Tax (VAT) rate introduced by the Finance Act 2019 till January 2021, due to impacts of the COVID-19 pandemic. The sponsor noted that due to the pandemic,... Continue Reading →
The Finance Act 2019 amends a number of sections in the Companies Income Tax Act Cap C21 LFN 2004 (as amended) and the Stamp Duties Act Cap S8 (as amended) to provide for the taxation of operation of regulated securities lending transactions in Nigeria. In view of this, the Federal Inland Revenue Service has issued... Continue Reading →
