TAX
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 […]
THE CONSTITUTIONAL BASIS FOR THE IMPOSITION OF CONSUMPTION TAXES BY FEDERAL AND STATE GOVERNMENTS IN NIGERIA: A CRITICAL ANALYSIS OF THE SUPREME COURT’S DECISION IN AG LAGOS v EKO HOTELS LTD & ANOR
Value Added tax (VAT), sales tax, and hotel occupancy and restaurant consumption tax are forms of consumption taxes whose economic burden rests on the final consumer.
The constitutional basis for imposing consumption taxes has been challenged at several times […]
CBN CIRCULAR ON THE COLLECTION AND REMITTANCE OF THE NATIONAL CYBER SECURITY FUND LEVY
In a bid to tackle cyber-related crimes in Nigeria, the Government passed the Cybercrime Prohibition, Prevention, etc.) Act 2015 (the “Law”) into law. Section 44 of the Law creates the Cyber Security Fund and directs the payment into it […]
TAX APPEAL TRIBUNAL’S JURISDICTION UNDER ENABLING ACT NOT IN CONFLICT WITH JURISDICTION OF THE FEDERAL HIGH COURT OVER TAX DISPUTES
The Court of Appeal has on 10 March 2017 confirmed that the jurisdiction of the Tax Appeal Tribunal, which is an administrative appellate body over tax disputes as set out in the Federal Inland Revenue Service […]
FEDERAL GOVERNMENT APPROVES EXCISE DUTY RATES FOR ALCOHOLIC BEVERAGES AND TOBACCO
The Federal Government of Nigeria has approved an amendment to the Excise Duty Rates for alcoholic beverages and tobacco. The new excise duty, which took effect from Monday, 4th June 2018, will be implemented over a […]