CategoriesTaxFinance Act 2023 The Finance Act 2023: What you should know The Finance Act 2023 (“the Act”) was enacted on 28th May, 2023 when the President of the Federal Republic of Nigeria signed the Finance Bill earlier passed by the National Assembly into law. The Act amends some of the provisions of existing tax statutes […]
CategoriesTaxThe Senate and the House of Representatives have passed the Finance Bill 2022 Background The National Assembly passed the Finance Bill 2022 (“the Finance Bill”) on 28 December 2022. The Finance Bill introduces certain amendments to existing tax laws including the Companies Income Tax Act (CITA), Customs, Excise Tariff, etc. (Consolidation) Act, Personal Income Tax […]
CategoriesTaxThe Federal Inland Revenue Service (FIRS) Appoints MTN, Airtel and Banks as VAT Collection Agents The Federal Inland Revenue Service (FIRS) Appoints MTN, Airtel and Banks as VAT Collection Agents The FIRS has issued a Public Notice (the “Notice”) appointing MTN, Airtel and all money deposit Banks (as defined in the Central Bank of Nigeria […]
CategoriesTaxThe judiciary plays a crucial role in the administration of justice. Applicable tax laws in Nigeria clearly define the procedures for tax appeal and for challenging any decision of tax authorities. Unfortunately, taxpayers hardly explore this avenue in asserting their rights and entitlements in the wake of tax related disputes. This creates situations where tax […]
