T he Tax Appeal Tribunal sitting in Lagos has allowed an appeal by Checkpoint Software Technologies B.V Nigeria Limited (“the Company”) against the Federal Inland Revenue Service (“the FIRS” or “the Service”) which challenged the imposition of administrative penalties on the Company for failure to comply with the Income Tax (Country-by-Country Reporting) Regulations of 2018 […]
O n the 31st of December 2020, the President signed a new Finance Bill into law. This Act amends various extant tax legislations and introduced new practices in the administration of tax in Nigeria. This briefing is the first of many part series aimed at sensitizing the public on the impact of the latest legislative […]
The Tax Appeal Tribunal (“the Tribunal”) Ruling on Treatment of Rental Income as Taxable Income for Value Added Tax T he Tax Appeal Tribunal (“the Tribunal”) on Thursday the 10th September 2020 delivered its ruling on the treatment of rental income as taxable income for Value Added Tax. This briefing examines the ruling and its […]
The application of Value Added Tax to rental income has been a major tax issue without clarity. Guidance was provided following a decided court case which clarified that “rent received on
F ollowing the outbreak of the COVID-19 pandemic across various countries including Nigeria, the House of Representatives of the Federal Republic of Nigeria (HoR) considered and passed the Emergency Economic Stimulus Bill in a bid to mitigate the adverse economic effects resulting from the outbreak of the pandemic in Nigeria. This is a review of the […]
T he law places an obligation on companies to pay a certain percentage of their revenue as NPTF levy. This opinion is offered to consider the nature of this levy and how same should be reported in financial statements.
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