TAX
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 […]
TAX SUBSTITUTION: WHAT THE LAW SAYS AS FIRS SEEKS TO RECOVER TAXES THROUGH COMMERCIAL BANKS
Following its earlier expression of interest to go after alleged tax defaulters with huge funds in Nigerian banks, the Federal Inland Revenue Service (FIRS) recently started issuing letters to commercial banks, appointing them as tax collection […]
THE LIRS’S NOTICE ON THE TAXATION OF EMPLOYEE SHARE COMPENSATION PLANS: MATTERS ARISING
One of the many ways in which a company can encourage its employees to contribute to its success is to align the employees’ financial interest with […]