ARTICLE
24 November 2017

FIRS Approves Payment Of Fx Tax Debts In Naira At N325/US$

PN
PwC Nigeria

Contributor

PwC Nigeria logo
PwC Nigeria is one of the leading professional services ?rms in Nigeria with of?ces in Lagos, Abuja and Port Harcourt, with over 1,000 staff and 31 resident partners. We are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets. We are guided by one promise – to do what is right, be it with our people, clients, community, or environment.
By law, certain tax liabilities such as VAT and withholding taxes must be paid in the currency of transaction. This means for instance, if a fee was paid in USD then the applicable VAT ...
Nigeria Tax

By law, certain tax liabilities such as VAT and withholding taxes must be paid in the currency of transaction. This means for instance, if a fee was paid in USD then the applicable VAT and WHT must be remitted to the tax authority in USD.

We have received official communication from the FIRS dated 16 November 2017 approving the payment of outstanding foreign currency tax liabilities in Naira at the exchange rate of N325 to US$1. No rates were given for other major foreign currencies such as GBP and EURO.

Other details and conditions are stated below:

  1. the concession covers tax due up to 31 December 2016; taxes payable in respect of the current year 2017 are excluded
  2. payment must be made on or before 14 December 2017
  3. notification should be sent to the FIRS Chairman stating amounts paid, date of payment, tax type, assessment number & date, and evidence of payment
  4. this concession is one-off and payments after 14 December 2017 will revert to the applicable currencies

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More