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The Federal Inland Revenue Service (“FIRS” or “the Service”) recently issued the Income Tax (Common Reporting Standard) Regulations, 2019 (“The Regulations”) in accordance with the provisions of the Multilateral Convention on Mutual Administrative Assistance in Tax...read more
The Federal Executive Council on Wednesday, 11th September 2019, approved that the Value Added Tax (VAT) rate be increased from the current rate of 5% to 7.2%. This proposed increase was announced by the Honorable Minister of Finance, Budget and National Planning......read more
The President of the Federal Republic of Nigeria recently signed into law the new Nigeria Police Trust Fund (Establishment) Act, 2019 (“the Act”). This Act establishes the Nigeria Police Trust Fund (“the Fund”) in favour of the Nigerian Police Force (“the Police”)....read more
Poor corporate governance has been the Achilles’ heel of many corporations worldwide. Nigeria is not immune to this fact, especially as corruption is prevalent in the nation. The attention of the world was drawn to major corporate governance issues in Nigeria in 2007...read more
The Financial Reporting Council of Nigeria (FRCN) has issued a Public Notice (the “Notice”) revoking its Rule 4 (“the Rule”) titled “Transactions requiring registration from statutory bodies such as the National Office for Technology Acquisition and Promotion”. The...read more
FIRS DEMANDS DEDUCTION OF WITHHOLDING TAX AND CHARGE OF VALUE ADDED TAX (VAT) ON COMMISSIONS, DISCOUNTS AND REBATES
The Federal Inland Revenue Service (FIRS) has issued a public notice on the deductibility of withholding tax (WHT) and value added tax (VAT) on compensation and/or commission due to distributors, dealers and/or agents. CLICK HERE FOR FULL ARTICLEread more