Insights

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...

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...

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...

Further to the provisions of the Finance Act 2020 and in line with the Federal Inland Revenue Service (FIRS) mandate to automate the tax administration system, the FIRS has recently launched a one-stop online platform - TaxPro Max. On the platform, taxpayers will be...

The Federal Inland Revenue Service (FIRS) had on 31 March 2021 published a circular titled “Guidelines on the Tax Treatment of Non-Governmental Organisations” and another one titled “Requirements for Funds, Bodies or Institutions for Listing under the Fifth Schedule...