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VAT collection: FIRS files appeal against court verdict
Posted by Iheonu Nkechi Gloria 2 years agoTax DiscussionThe Federal Inland Revenue Service (FIRS) has appealed a recent judgment of the Federal High Court in Port Harcourt Rivers State on the collection of Value Added Tax (VAT). The FIRS said this in a ...
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Things to know about the Finance Act 2020
Posted by Bunmi Mercy 3 years agoTax DiscussionHere are a few things to note about The Finance Act of 2020: 1. If you are a low income earner on N30K per month or less you are now exempted from personal income tax based on the new finance Act. S ...
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Frequently Asked Questions on Stamp Duty
Posted by Ebunlomo 3 years agoTax DiscussionWhat is this stamp duty that everybody is talking about? A. Stamp duty is a tax on instruments (mostly written documents). It is based on the Stamp Duties Act CAP S8 LFN 2004 as amended. But in subs ...
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Withholding Tax; What Constitutes A Sale In The Ordinary Course Of Business?
Posted by Iheonu Nkechi Gloria 2 years agoTax DiscussionThe Withholding Tax (WHT) is not another form of tax rather an advance payment of income tax on specific transactions. Generally when such transactions are executed the person or company making pa ...
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TAT issues VAT ruling on casino revenue and others
Posted by Iheonu Nkechi Gloria 2 years agoTax DiscussionTourist Company of Nigeria Plc (TCN) engages in the gaming and hospitality business including the operation of a casino in Nigeria. The FIRS assessed TCN to N88m in unpaid VAT (inclusive of penalties ...
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The Proposed Global Minimum Tax Rate - A Game Changer?
Posted by Iheonu Nkechi Gloria 2 years agoTax DiscussionIntroduction For so long multinational corporations (MNCs) have been criticized globally for employing several tax avoidance tactics that exploit the gaps and mismatches in tax rules. The Organizati ...
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How To Register On FIRS TaxPro MAX Platform
Posted by Kemisola 2 years agoTax DiscussionFollowing our former videos on How To Use FIRS TaxPro MAX To File WHT VAT And CIT many have reached out to ask us how registration can be done. We have a guide that will aid you with registering ...
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Loss relief
Posted by Bunmi Mercy 3 years agoTax DiscussionLoss relief according to the Nigerian Tax Law (S. 31(2)(a) of the CITA CAP. C21. LFN 2004 (As amended)) is an amount of loss that is allowed by the revenue service having satisfied that such loss was ...
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The Ongoing VAT Face-Off In Nigeria: The Way Forward
Posted by Iheonu Nkechi Gloria 2 years agoTax DiscussionThe case between theAttorney General of River State v Federal Inland Revenue Service (FIRS) and Anorhas become a highly controversial one. The traction it has gained in recent weeks has rekindled the ...
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Taxation Of Social Media Activities In Nigeria
Posted by Iheonu Nkechi Gloria 2 years agoTax DiscussionThe internet has made significant impact on all aspects of human lives. As the world becomes more and more comfortable with virtual interractions a huge value chain of businesses that transcend conti ...
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