Insights
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VALUE ADDED TAX: RIVERS AND LAGOS STATE GOVERNMENTS ENACT LAWS
Value Added Tax: Rivers and Lagos State Governments Enact LawsDownload It is no longer news that the Federal High Court in AG Rivers State v. Federal Inland Revenue Service recently held that the competent body to regulate, assess and collect Value Added Tax (VAT), is...
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ADMINISTRATION OF VALUE ADDED TAX (VAT) IN NIGERIA: FEDERAL HIGH COURT DECIDES
August 2021 NewsletterDownload Introduction The Federal High Court of Nigeria, sitting at Port-Harcourt in Rivers State (“the Court”) has recently delivered a judgment in case FHC/PH/CS/149/2020, between the Attorney General of Rivers State (“AG Rivers”) and Federal...
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NASS PASSED THE PETROLEUM INDUSTRY BILL AFTER THIRTEEN YEARS OF WAITING
July 2021 Newsletter (3)Download Introduction In the wake of several failed attempts, the Nigerian Legislature (both Senate and House of Representatives) on Thursday 1st July 2021, passed the Petroleum Industry Bill (PIB). It would be recalled that the PIB was first...
read moreCITIBANK NIGERIA LIMITED V. LAGOS STATE INTERNAL REVENUE SERVICE: COMPOSITION OF GROSS INCOME FOR CONSOLIDATED RELIEF ALLOWANCE
July 2021 Newsletter (2)Download The Tax Appeal Tribunal (TAT) sitting in Lagos, has delivered a judgment in a matter between Citibank Nigeria Limited (“Citibank”) and Lagos State Internal Revenue Service (“LIRS”). The composition of gross income for the purpose of...
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TAX ASSESSMENT OF COMPANIES ENGAGED IN AIR TRANSPORT – TAT DECIDES IN KENYA AIRWAYS V. FEDERAL INLAND REVENUE SERVICE
July 2021 NewsletterDownload The Tax Appeal Tribunal (TAT) sitting in Lagos, recently delivered a judgment in a matter between Kenya Airways (“the Company”) v Federal Inland Revenue Service (“the Revenue”). The crux of the matter was the tax assessment of companies...
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LIMITATION PERIOD FOR TAX ASSESSMENT AND INVESTIGATION – TAT DECIDES IN ECOBANK NIG LTD V DELTA STATE BOARD OF INTERNAL REVENUE
Download PDF On 28 May 2021, the Tax Appeal Tribunal (TAT) South-South Zone, sitting in Benin, delivered a judgment in a matter between Ecobank Nig. Ltd (“the Bank”) v Delta State Board of Internal Revenue (“the Revenue”). The matter bordered on the legality or...
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AS FIRS STEPS-UP TRANSFER PRICING COMPLIANCE DRIVE, HOW READY ARE YOU?
Since the introduction of Transfer Pricing (TP) Regulation 2012 in Nigeria and its amendment via the Income Tax (Transfer Pricing) Regulation in 2018, Nigeria has only conducted a few TP audits. However, starting from the last quarter of 2020 till date, FIRS has...
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