News & Education
The Federal Inland Revenue Service (FIRS) has again extended the deadline for filing of annual income tax returns and other regular monthly obligations that would become due at the end of July 2020. A public notice signed by the Agency's Executive Chairman, Muhammad Nami, stated that the management of the Service would continue to identify... Continue Reading →
The Federal Inland Revenue Service (FIRS) has issued a clarification on the applicable rates for stamp duty on rent/lease agreements. The Service clarifies that the stamp duty rate on rent agreement is graduated depending on the number of years in the agreement, and not at a flat rate of 6% as widely circulated in the... Continue Reading →
In furtherance of the number of palliative measures to cushion the effects of COVID-19 pandemic on the Nigerian economy, the Federal Inland Revenue Service (FIRS) has further extended the closing date for the waiver of penalty and interest window from 30th June, 2020 to 31st August, 2020. For the avoidance of doubt, the public notice... 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 →
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 →
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 →
Following a series of palliative measures from the Federal Inland Revenue Service (FIRS) to taxpayers, to cushion the effect of COVID-19 pandemic, the Service has issued a public notice notifying taxpayers of an extension of deadline on penalty and interest waiver. The initial waiver which was issued in April 30, 2020 expired on May 31,... Continue Reading →
