VAT: NCC & FIRS sign MoU on telecos’ transactions

The Nigerian Communications Commission (NCC) and the Federal Inland Revenue Service (FIRS) have signed a Memorandum of Understanding (MoU) geared towards ensuring accuracy and completeness of Value Added Tax (VAT) and other taxes payable in the transactions of telecoms operators. With the MoU, the FIRS will be able to integrate an Application Programming Interface (API)... Continue Reading →

Taxation of Unit Trust Schemes

Unit trusts are types of collective investment schemes where investors with the same investment objectives pool their financial resources together for the purpose of making large scale investments within the scope of the investment objective. The Investment and Securities Act (ISA), 2017 defines a collective investment scheme as “a scheme in whatever form, including an... Continue Reading →

Waiver or refund of liability or expenses

In the business world, it is possible for an expense/liability already allowed for tax purposes to be refunded/waived either partly or in whole. Section 28 of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) and Section 22 of the Personal Income Tax Act Cap P8 LFN 2004 (as amended) provide that, such... Continue Reading →

Understanding Investment Allowance

An investment allowance is an allowance granted to a company that has incurred an expenditure on plant and equipment. Section 32 (1) of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) provides that where a company has incurred an expenditure on plant and equipment, there shall be allowed to that company an... Continue Reading →

Turnover basis of assessment: What the law says…

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 →

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