Background The Appellant (CHI Limited) is a company incorporated under the laws of the Federal Republic of Nigeria. The Respondent (FIRS) is an agency of the Federal Government of Nigeria. Under its constitutive law, it is responsible for the collection of taxes payable to the Federal Government including Value Added Tax (VAT), the tax in […]
read moreOn the 9th of July, 2020, the LIRS issued a public notice to introduce additional palliative measures for its taxpayers in the face of the covid-19 pandemic. This is preceded by the earlier 3 month extension of the deadline for filing annual returns on incomes and claims by taxable persons from the 31st of March […]
read moreThis notice is an extension of the previous notice granting a waiver on all interest accrued and penalties payable on outstanding tax debts arising as a result of desk review, tax audits and investigations if the said debt is paid in full on or before 31st of May, 2020. The timeline has been extended to […]
read morePursuant to the powers conferred by Section 38 of the Value Added Tax Act, (“VAT Act”), the Honourable Minister of Finance, Budget and National Planning (“Minister”) on February 3, 2020, issued the Value Added Tax (Modification Order), 2020 (“VAT Modification Order”). By the VAT modification order (a gazetted copy has recently become available in the […]
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The continuous shift from manual to digital processes across various sectors globally has necessitated the publication of data protection legislation by governments across the world. These legislations seek to regulate the collection, collation, storage and processing of personal data by private, public and government entities as well as safeguarding the information of individuals obtained through […]
read moreThe Federal Inland Revenue Service (“FIRS”) introduced several measures to mitigate the effect of the COVID-19 Pandemic on taxpayers. (Please see our updates on the initial palliative measures on our website). On 30th April, 2020, the FIRS issued a public notice titled “Update on the Palliative Measures to Cushion the Effects of COVID-19 on Taxpayers […]
read moreIn line with the need to address the impact of the COVID-19 pandemic outbreak on the Nigerian business environment and corporate governance in Nigeria, the Corporate Affairs Commission (“CAC”) has issued guidelines for the conduct of Annual General Meeting (“AGM”) of companies by proxy. The Commission noted that in view of the pandemic, companies can […]
read moreFollowing the global spread of the COVID-19 Pandemic, nations of the world are taking reactive and proactive measures to curtail the spread of the disease in their countries. In Nigeria, the governments response aimed at curtailing the spread of the disease has led to the significant restrictions in the movement of persons and goods, especially […]
read moreThe Federal Inland Revenue Service (FIRS) in its bid to continue to cushion the effects of the COVID-19 Pandemic on taxpayers (individuals and businesses alike), has rolled out further measures to support taxpayers in managing their tax obligations as they are impacted by the Pandemic. The FIRS came to this decision following the decision of […]
read moreWith the geometric increase in the number of persons infected with the coronavirus disease, there has been reactionary measures to ensure that economic activities remain a steady progress. Remarkably, the health sector has benefitted the most from these measures. Clearly, Nigeria’s trajectory is to ensure that at all cost the health sector does not suffer […]
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