TAX
EXPIRATION OF THE VALUE ADDED TAX EXEMPTION ON STOCKBROKING COMMISSIONS
In July 2014, the then Minister of Finance – Dr Ngozi Okonjo- Iweala signed the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 to waive payment of Value Added Tax (“VAT”) on commissions […]
THE JOINT TAX BOARD’S NEW TIN REGISTRATION SYSTEM
A pestering issue in the tax administration has been poor tax compliance, difficulty in payment of taxes, multiple taxations amongst others. To address this issue, the Joint Tax Board has introduced a new Tax Identification Number registration system. […]
AN OVERVIEW OF THE ROAD INFRASTRUCTURE AND REFURBISHMENT INVESTMENT TAX CREDIT SCHEME
The President of the Federal Republic of Nigeria, Muhammadu Buhari, recently signed an executive order titled: “Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme Order 2019 No.: 007 of 2019” (“the Order”). The Order establishes […]
FIRS REDUCES TAX AUDIT CYCLE
The federal tax authority – the Federal Inland Revenue Service (‘FIRS’), recently introduced new measures to improve the experience of taxpayers during tax audits. The strategy includes the reduction of the tax audit cycle to 63 days from […]
LIRS TO ISSUE NEW TAX IDENTIFICATION NUMBER
In our article in the link below, we highlight LIRS’ intention to generate new Tax Identification Numbers (TIN) for taxable persons resident in Lagos by leveraging on […]
DOES THE DOCTRINE OF LEGITIMATE EXPECTATION APPLY TO TAXATION IN NIGERIA?
INTRODUCTION
The doctrine of legitimate expectation demands that a public authority respects and applies its stated position or sustained practice in exercising its powers. It is a principle of fairness in the exercise of public powers which […]