10 Tips for your 2019 Personal Income Tax Returns Filing in Nigeria

The Personal Income Tax (PIT) returns filing season is here again. We have set out in this short piece information which we hope will help you in staying PIT compliant in 2019

1. Every person who earned any income in 2018 (described as a Taxable Person) must, without waiting for any notice or demand from his or her relevant tax authority (RTA), file his or her PIT returns in the form prescribed by the RTA not later than March 31st, 2019 (the Period).

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The 2019 Gubernatorial Polls – Key States to Watch

Following the Presidential and National Assembly elections of 23rd February 2019, there has been a measure of relief across different quarters. Of course, there have been torrents of reactions and crossfires pouring in from candidates and party stalwarts and faithfuls regarding the outcome of the elections but nonetheless, the general focus has now been narrowed down to the Gubernatorial and States’ House of Assembly elections slated for 9th March 2019.

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The Nigerian Road Investment Tax Credit Scheme: A Precis of the Incentive

The Scheme in Brief:

Following the October 2017 announcement by the Federal Government of Nigeria (“FGN”) of the Road Infrastructure Tax Relief Scheme for the Private Sector (see our Newsletter), the Nigerian President on Friday, 25 January 2019, signed the Executive Order on the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the “Order or Scheme”). The Scheme is for a ten (10) year duration that should expire on 24 January 2029.

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The 2019 General Elections Postponement: The Cost Implications

Mrs Kachi had kept vigil alongside her two daughters, mixing the flour to fry the puff-puff which they intended to take to the polling units in their neighborhood later in the day. The boisterous wails of Mrs Kachi alerted her next-door neighbor, Mrs Hadiza who on hearing about the postponement of the election, remembered her bucket of freshly made kunu. They locked themselves in a warm embrace and erupted in to a raucous rancorous chorus of “I am dead o, Nigeria has killed me o!”. Their beloved country had just put them in debt.

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THE HARD WAY, THE ONLY WAY!

A Bird’s Eye View on the FIRS Suspension of Lien on Bank Accounts

About two weeks ago, a good number of corporate and individual business owners got the shock of their lives when most suddenly, they were served notices on their bank accounts. The accounts had been placed on a freeze on the instruction of the Federal Inland Revenue Service (FIRS) due to the lack of regularization of their tax status or some default on their part. Business owners had funds ranging from hundreds of thousands to millions and even billions stuck in their banks!

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