Month: May 2021

Posted on May 24, 2021 by Blackwood & Stone LP

LISTING REQUIREMENTS FOR ENTITIES ENTITLED TO TAX DEDUCTIBLE DONATIONS

INTRODUCTION For the purpose of ascertaining assessable profits of a company for tax purposes in Nigeria there is allowed deductions of donations made by such a company to certain entities. These entities have been defined under Section 25 (5) of the Companies Income Tax Act CAP C21, LFN 2004 (as amended) (CITA) as Public funds, […]

Posted on May 10, 2021 by Blackwood & Stone LP

FIRS GUIDELINES ON THE TAX TREATMENT OF NGOs

INTRODUCTION The Federal Inland Revenue Service (“FIRS”) recently issued information circular no: 2021/01 (“the Circular”) for the purpose of clarifying the tax treatment of Non-Governmental Organisations (NGOs) and the application of the provisions of the Companies Income Tax Act (CITA) Cap. C21 LFN 2004 (as amended), Personal Income Tax Act (PITA) Cap.P8 LFN 2004 (as […]