TAX
Nigeria’s Withholding Tax Reforms:
Nigeria has overhauled its nearly half-century-old regime on the administration of withholding tax (WHT) with the signing of the Deduction of Tax at Source (Withholding) Regulations 2024 by the Minister of Finance.
WHEN DOES PENALTY AND INTEREST APPLY TO UNPAID TAX
The effectiveness of tax laws lies primarily in the coercive powers of tax authorities to enforce compliance and penalties for default, and not an altruistic or patriotic disposition of taxpayers to contribute to the public revenue. To induce […]
OIL AND GAS TANKERS: TAX DEMAND BY THE FIRS RAISES DUST
The FIRS has recently issued letters to owners, and in some cases, charterers of oil tankers used to export crude oil and LNG from Nigeria in connection with back taxes from 2010-2019. It appears that the letters were […]
The Finance Act 2023 | Changes to Tax Legislation and the FIRS’ Stance
The Finance Act 2023 (the “Act”) was signed into law on 28 May 2023 by former President, Muhammadu Buhari, GCFR. The Act provides that the amendments therein come into force on “1 May 2023 or such […]
Webinar series IFA Africa Region June 2023
The International Fiscal Association – Africa Region, Invites you to its Webinar on “Double Tax Treaties in Africa’’. It is set to hold on Friday 2nd June 2023. This will be a major debate on […]
How Can Time to File a Tax Assessment Appeal Be Extended?
How Can Time to File a Tax Assessment Appeal Be Extended?
A taxpayer is required to appeal a tax assessment within 30 days of receipt of a Notice of Refusal to Amend the assessment or a Demand Notice. The […]