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It is no longer news that the Finance Act 2019 amended seven (7) tax legislations. In a bid to provide clarification to some ambiguous provisions of the Finance Act and the modalities for its application, the Federal Inland Revenue Service (“FIRS”) issued a series of...read more
The Federal Inland Revenue Service (FIRS) on April 30, 2020 in a bid to further cushion the effect of Covid-19 Pandemic on taxpayers as well as shore-up tax revenue for government, released a notice stating that tax arrears which arose as a result of desk review, tax...read more
OverviewDue to the COVID-19 outbreak globally, there have been restrictions to continuous business operation as a result of measures taken by the government to contain the spread of the virus; for example there have been closure of borders, travel restrictions and a...read more
As part of efforts by the Lagos State Government to mitigate the impact of the COVID-19 pandemic, the Lagos State Internal Revenue Service has extended for two months, the deadline for Filing of Annual Tax Returns from 1st April to 31st May, 2020 for Individual...read more
Introduction It is no longer news that there is a global pandemic as a result of COVID-19. In order to cushion its effect, various jurisdictions have designed palliative measures to ensure the safety and economic stability of their citizens. Accordingly, some members...read more
As part of measures to tame the outbreak of the global pandemic caused by COVID-19, the Federal Inland Revenue Service (FIRS) on March 23, 2020 released some measures that will provide effective service delivery to taxpayers with minimal physical contacts. Part of the...read more
Much of the public discourse on the recently enacted Finance Act 2019 (“the Act”) has focused more on the amendments to the Value Added Tax Act, the Companies Income Tax Act and the Stamp Duties Act. Conversely, very little recognition seems to have been given to the...read more