Finance Act 2020
The Finance Act 2020 is the most recent developments within the Nigerian tax space. The Act amended seven major tax laws in Nigeria to make them suitable to meet present economic realities.
The tax laws affected are:
Companies Income Tax Act;... Read More
The position of the law on stamp duty recently is that it is the responsibility of the FIRS to collect stamp duty on behalf of the Federal Government. This is the tenable position in the light of available evidence.
In the first instance, since 1939 ... Read More
Nigerian Tax Laws
Taxes are established by law in Nigeria. By implication, such tax must have been passed into law through enactment of relevant statute (Act, By-law, decree among others). The tax law establishes the administrative body and specify its tax jurisdiction. Tax laws impose ... Read More
The Nigeria Postal Service and the Federal Inland Revenue Service have been at loggerheads over which of the Nigerian government’s agency is constitutionally backed to collect stamp duty taxes in the country.
Call to mind that the government through the FIRS had increased the payment ... Read More
Company Income Tax (CIT) this is one of the major types of taxes collected by Federal Inland Revenue Service (FIRS) and chargeable on all companies (other than Companies engaged in petroleum operations) incorporated in Nigeria. It is charged on profits that accrue in, be derived from, ... Read More