Insights

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...

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...

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...

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...

On Wednesday, 19 February 2020, the Tax Appeal Tribunal (“TAT”) delivered judgment in a matter between Prime Plastichem Nigeria Limited (“the Company”) v. Federal Inland Revenue Service (“FIRS”). This judgement is the first to be delivered on transfer pricing dispute...

Pursuant to the amendment of Section 4(1) of the Stamp Duty Act, Chapter S(8) LFN 2004 by the Finance Act 2019, the Federal Inland Revenue Service (FIRS) has been confirmed as the only competent agency saddled with the responsibility to impose, charge and collect Stamp...