Companies Income Tax Act, Cap C2, LFN 2004 (“CITA”) is the general income-tax administrative framework for companies in Nigeria.
However, due to the peculiarity of the insurance business, Section 16 of CITA is particularly dedicated to companies operating in the insurance sector. Section 16 of CITA explicitly addresses the specific income-tax administrative needs of the insurance companies.
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Welcome to another Tax Thursday.
You would agree with us that 2021 was an interesting year, and indeed a busy one. Just as the country was tackling its battles, the FIRS was also swamped with a few legal battles. Worthy of mention was the bid of some states majorly championed by Rivers State and Lagos State to get control over the collection and appropriation of VAT within their jurisdiction, and we all witnessed how this turned out. Additionally, just before the end of 2021, the FG released the Nigeria Finance Act of 2021, which introduced new taxes, levies, and tariffs.
Nigeria’s Federal Inland Revenue Service (FIRS) has issued a Public Notice [BO1] to lift its May 2021 suspension of Local Filing of Country-by-Country (CbC) Reports by Constituent Entities in Nigeria. Constituent Entities are the Nigeria-based subsidiaries and branches of Multinational Enterprises. Relevant Constituent Entities are now to, with effect from January 1, 2022, duly make their CbC Reports Local Filing with FIRS in compliance with Regulation 4 of the CbC Regulations 2018 (CbC Regulations).[BO2] You may recall that the obligation placed on relevant Ultimate Parent Entities (UPEs) under Regulation 3 of the CbC Regulations was never suspended.
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