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Nigeria
The Trusted Advisors
Nigeria has experienced a rapid digital transition in the modern period, with e-commerce standing out among other sectors. The explosion of internet transactions has not only changed...
PUNUKA Attorneys & Solicitors
Stamp duties are a form of tax paid on documents or instruments executed in Nigeria. It is also paid on documents or instruments to be performed in Nigeria.
The Trusted Advisors
Corporate taxes are taxes levied on companies or other legal entities that are doing business in Nigeria. They are usually deducted from a company's profits.
Templars
A major highlight of 2023 was the general election which ushered in a new government. Importantly, while as a final act, the outgoing government passed the Finance Bill 2023...
LeLaw Barristers & Solicitors
On 14th August 2019, FIRS issued a Public Notice (the FIRS Notice) in Nigerian newspapers, titled "…Deduction at Source of WHT/VAT on Compensation Paid to Agents, Dealers, Distributors and Retailers by Principal Companies".
KPMG Nigeria
The Federal Ministry of Finance, through the Office of the Honorable Minister of Finance and Coordinating Minister of the Economy (‘the Minister'), recently released a Circular...
KPMG Nigeria
The Lagos State Internal Revenue Service (LIRS or "the Service") has released a notice regarding the deployment of an upgraded Consumption Tax Collection Process for the Hospitality sector in Lagos State.
Streamsowers & Kohn
A 2021 report by the International Survey on Revenue Administration reveals that only about 16.7% of the Nigerian economically active population pay tax...
S.P.A. Ajibade & Co.
The Senate finally passed the FB23 on 3rd May 2023, while the House of Representatives passed it on 24th May 2023.
Applicability Of VAT On Rental Income- Analysis Of The TAT Ruling In NGX Real Estate Limited vs FIRS
Andersen in Nigeria
The Tax Appeal Tribunal ("TAT" or "the Tribunal") sitting in Lagos, on 19 October 2023, ruled that rental income derived from real estate properties is not subject to Value Added Tax (VAT).
KPMG Nigeria
The ability to claim input Value Added Tax (VAT) has been a contentious issue in the power sector since privatization.
KPMG Nigeria
There was no major segregation between small, medium, and large companies for tax purposes in Nigeria, prior to the introduction of the Finance Act (FA), 2019.
KPMG Nigeria
The Lagos zone of the Tax Appeal Tribunal (TAT) recently issued a significant ruling in the case involving MTN Nigeria Communications Plc and Federal Inland Revenue Service .
Andersen in Nigeria
Transfer Pricing (TP) audits are a key part of the activities of the tax authorities as audits afford them the opportunity to assess the level of taxpayers' compliance to extant TP laws and the arm's length principle.
Andersen in Nigeria
Recently, the Federal Inland Revenue Service (FIRS or the Service) released a Public Notice announcing the commencement of a nationwide Value Added Tax.
KPMG Nigeria
The Tax Appeal Tribunal Lagos Zone has ruled, in NGX Real Estate Limited and Federal Inland Revenue Service, that rental income derived from real properties are not subject to Value Added Tax.
KPMG Nigeria
GlaxoSmithKline (GSK) recently announced a formal exit from Nigeria, which generated a lot of emotions in the country. It was seen by many as a fall out of how the economy...
Andersen in Nigeria
In Nigeria, as in most developing or developed nations, taxation is a vital source of revenue for all levels of government. Taxpayers are obligated to comply with the provisions of the applicable...
Andersen in Nigeria
The Nigerian government established the Nigerian Export Promotion Council (NEPC) in 1976 with the aim of diversifying the productive base of the Nigerian economy away from oil and fostering a market-oriented...
S.P.A. Ajibade & Co.
In 2021, the Tax Appeal Tribunal (TAT) amended its rules, with the new rules cited as the TAT (Procedure) Rules 2021 ("the TAT Rules").
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