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Audit and Assurance Services Can Boost Your Company’s Financial Health

How Audit and Assurance Services Can Boost Your Company’s Financial Health In the competitive landscape of modern business, maintaining robust financial health is essential for sustainable growth and success. Audit and assurance services play a critical role in achieving and maintaining this financial stability. But how exactly do these services contribute to your company’s financial […]

FIRS CIRCULAR ON TAX TREATMENT OF FOREIGN EXCHANGE TRANSACTIONS

Introduction The Federal Inland Revenue Service (FIRS’) gives guidance on the tax treatment of foreign exchange transactions. In its circular dated 14 June 2024, it noted that the treatment prescr0.1ibed by the International Financial Reporting Standard, although sufficient for accounting purpose is not the same treatment for tax purpose and as such requires some adjustments […]

Decided Court Case

Decided Court Case Between IHS Towers Limited VS Federal Inland Revenue Service (FIRS)

INTRODUCTION Pursuant to section 12(2)(a) of the NITDA Act (National Information Technology Development), companies and enterprises enumerated in the Third Schedule and having turnover of #100,000,000 and above are liable to pay a levy of 1% of their Profit before Tax (PBT), in the relevant accounting year. The Third Schedule provides; – Businesses which section12(2)(a) […]

Nigerian Tax Implications of Offshore Trust

INTRODUCTIONOffshore trusts are usually set up by High net-worth individuals (HNIs) and business owners seeking to ensure that their assets and investments are held to guarantee optimal returns and preservation of wealth. The generally adopted structure for this purpose is the Private Trust Agreement.A trust is an arrangement whereby legal ownership of certain assets is […]

FIRS Circular on Value Added Tax (VAT)

The Finance Act (“FA”) 2019 amended some provisions of the Value Added Tax Act (“VATA”) Cap V1, LFN 2004 (as amended). The Federal Inland Revenue Service (“FIRS”) Circular is issued as guidance to all stakeholders and FIRS position onappropriate implementation of relevant provisions of the VATA.In this tax alert, we examine relevant matters clarified in […]

Taxation of The Digital Economy in Nigeria

Nigeria is capturing only a fraction of its digital economic potential and will need to make strategic investments to develop a dynamic, transformative digital economy, according to a new World Bank assessment. The Nigeria Digital Economy Diagnostic says that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria […]