STAMP DUTY ADMINISTRATION FOR FINANCIAL INSTITUTIONS IN NIGERIA: WHAT YOU NEED TO KNOW

Stamp duty is a levy on written and electronic documents or instruments. Stamp duties are levied on instruments on either Ad-valorem or flat rate basis and the body in charge of the administration of stamp duties is either the federal Inland Revenue Service (FIRS) (duties on instruments for transactions between corporate bodies and individuals, group, or body of individuals) or the State Internal Revenue Service (duties on instruments for transactions between individuals). 

Read More

TAX DEDUCTIBILITY OF BAD AND DOUBTFUL DEBT: WHAT YOU NEED TO KNOW

An organization in the business of making profit and trade continuity will issue invoices, render a service, and carry out a particular function which is expected to have a direct impact on the inflow of the business. While carrying out the day-to-day operation of the business and in some unexpected situations, the proceeds from the services rendered or goods sold are either never paid or remain unpaid over a long period. 

Read More

FIRS EXTENDS WAIVER OF INTEREST AND PENALTIES ON OUTSTANDING LIABILITIES

INTRODUCTION:

The Federal Inland Revenue Service (FIRS) via a public notice announced an extension of the deadline for filing Company Income Tax Returns due from January 2021 to November 2021 to 30th November 2021.

However, on 30th November 2021, FIRS via the Tax Pro-Max announced the suspension on interest and penalties for all taxes on back years assessment till 31st December 2021.

Read More

Nigeria’s Country-By-Country Reporting Regulations: What You Need To Know

Nigeria signed the Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) on the 27th of January 2016 and thereafter introduced the Income Tax (Country-By-Country Reporting) Regulations in 2018 as an administrative framework for CBC reporting in Nigeria. 

OECD formulated BEPS Action 13 ‘Transfer Pricing Documentation and Country-by-Country Reporting’ through public consultation, which provides a template for multinational enterprises (MNEs) to render their annual filing across different tax jurisdictions in which they do business. 

Read More