Federal Inland Revenue Service (FIRS) has introduced a new feature to ease the registration of new taxpayers in Nigeria. The self-registration module on TaxPro Max allows taxable persons to register for taxes with FIRS online. Taxpayers can now register with FIRS online, given the need to improve the ease of doing business in Nigeria. Businesses…
There’s good news for businesses in Lagos State, yet to file their annual tax returns. The Lagos State Internal Revenue Service (LIRS) has extended the time to file 2023 tax returns by seven (7) days. The initial due date of 31 January 2024 is no longer applicable, while the new deadline is Wednesday, 7 February…
Federal Inland Revenue Service (FIRS) will commence the review of taxpayers’ compliance with value added tax (VAT) and withholding tax (WHT) across the nation. The monitoring exercise on all taxable persons begins on Monday, October 23, 2023. Taxable persons include Non-Governmental Organisations (NGOs), Ministries, Departments, and Agencies (MDAs) of government. FIRS officers will visit assigned…
Finance Act (FA) 2023 contains changes in different provisions in the tax and other fiscal laws in Nigeria. FA 2023 will take effect from September 1, 2023 rather than May 1, 2023 based on the Finance Act (Effective Date Variation Order) 2023. Further to the new effective date for the FA 2023, the Federal Inland…
. The Federal Inland Revenue Service (FIRS) has given companies additional time to file 2023 Companies Income Tax (CIT) Returns due on June 30 2023. Every company whose income tax returns for 2023 assessment year fall due from the June 30 to August 31 2023 have up till August 31 2023 to submit the returns….
There is a new way to claim input value added tax (VAT) on the TaxPro Max. The Federal Inland Revenue Service (FIRS) has released a guide for taxpayers should file their VAT returns for April 2023 in May 2023. Every field deactivated earlier on will be enabled, while the automatic credit for purchases will be…
The Federal Inland Revenue Service (FIRS) has released a public notice on the submission of a certificate of acceptance. Section 3 of the Industrial Inspectorate Act, Cap. I8, LFN 2004 (as amended), provides that any person incurring Qualifying Capital Expenditure (QCE) of NGN500,000 and above must obtain a Certificate of Acceptance from the Industrial Inspectorate…
Taxable persons under the Personal Income Tax Act in Nigeria will use a new basis to determine chargeable income. The changes in personal income tax law are in line with the Finance Act 2020 which came into force on 1 January 2021. As personal income tax is payable to the State Government, the Lagos State…
Several non-essential businesses and workers stayed indoors in April 2020 due to the pandemic. As the Federal Government and State Government offered palliatives to citizens, so did FIRS to taxpayers. In case you missed the major tax headlines, here are the four (4) events that shaped the Nigeria tax space in April 2020. Federal Inland…
The Federal Inland Revenue Service (FIRS) is about to launch an automated VAT filing and collection system for branded shops, superstores, general supermarkets, standard restaurants and eateries in Nigeria. Effective from 1 April 2020, the electronic VAT platform (VATrac) will be the only approved way to file VAT returns and process payments of these businesses. Covered businesses…