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Andersen Tax LP
The applicability of Value Added Tax (VAT) to rental income derived from property leases in Nigeria has been the subject of controversy. This stems from the uncertainty as to whether leases,...
PwC Nigeria
In Chief J.W. Ellah & Sons Company Ltd v FIRS and Essay Holdings Ltd v. FIRS decided by the Tax Appeal Tribunal (TAT) in Benin and Lagos Zones respectively...
TNP
The appellant in this appeal invests in and develops commercial and residential real properties which are leased out to generate income through rents.
Andersen Tax LP
On 10th September, 2020, the Tax Appeal Tribunal ("TAT") in the case of Ess-ay Holdings Limited ("Ess-ay Holdings" or "the Company") v Federal Inland Revenue Service ("FIRS") held that a lease...
Banwo & Ighodalo
The Tax Appeal Tribunal, Lagos Zone, on September 10, 2020, decided in Ess-Ay Holdings Limited v Federal Inland Revenue Service that the lease of real property (commercial or residential) and payment of rent thereof.
LeLaw Barristers & Solicitors
In May 2012, I wrote an article, ‘Can the House of Representatives Order Tax Audits?' where I argued strenuously that the House cannot hire consultants to conduct tax audits of erring companies.
Andersen Tax LP
On 30th July, 2020, the Federal Inland Revenue Service issued a Public Notice informing taxpayers of its grant of further extension to the deadline for filing Companies Income Tax returns by one week.
LeLaw Barristers & Solicitors
Tax remains a major (traditional) source of government revenue.
LeLaw Barristers & Solicitors
Recently the House of Representatives, through its Committee on Finance, announced "Investigation of Corporate Tax Returns (2006-2011)" at page 51 THISDAY, 02.04.2012.
Andersen Tax LP
On 24th June, 2020, the Federal Inland Revenue Service ("FIRS" or "the Service") issued a Public Notice stating that certain items which were included as exempt from Value Added Tax ("VAT")...
Andersen Tax LP
On 8th May, 2020, the Federal High Court ("FHC" or "the Court"), sitting in Lagos, declared the Taxes and Levies (Approved List for Collection) Act (Amendment) Order, 2015 ("Amendment Order") null and void. This decision was ...
Banwo & Ighodalo
The Value Added Tax Act[1] ("VAT Act") was one of the seven (7) principal tax statutes amended by the Finance Act, 2019.
LeLaw Barristers & Solicitors
In a recent epochal decision, OANDO SUPPLY & TRADING LTD V FBIR (2001) 4 TLRN 113, the Lagos Zone of the Tax Appeal Tribunal (TAT) headed by Mr. Kayode Sofola...
LeLaw Barristers & Solicitors
It is no news that Nigeria practices a three-tiered federal system of government: power is shared amongst the Federal, State and Local Governments. Nigeria's grundnorm...
Andersen Tax LP
The Honourable Minister of Finance, Budget and National Planning ("the Minister") recently issued the Value Added Tax ("VAT") Act (Modification Order), 2020 ("the Order"), which is effective from 3rd February, 2020.
Udo Udoma & Belo-Osagie
The Federal Inland Revenue Service ("FIRS") has automated its Value Added Tax ("VAT") filing and collection system.
LeLaw Barristers & Solicitors
Tax is a mandatory financial charge imposed on taxpayers by the Government as required by statute or other basis, irrespective of whether services are provided to taxpayers.
Sefton Fross
On Monday 13 January 2020, President Muhammadu Buhari signed the Finance Bill 2019 into law.
PwC Nigeria
Commencement and cessation rules - The FIRS clarified that a company that commences business should apply the Preceding Year Basis (PYB)
PwC Nigeria
Further to the Finance Act (FA), 2019 which amended a number of provisions in the Value Added Tax (VAT) Act, the Federal Ministry of Finance
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