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Tax Alerts
The Comptroller-General (CG) of Nigeria Immigration Service (NIS), Muhammad Babandede, has directed that effective 1 April 2021, all migrants, including citizens of the Economic Community of West African States (ECOWAS) must present evidence of tax payment for the renewal of resident and work permits.

The Federal Inland Revenue Service (“FIRS” or “the Service”) has issued a Public Notice informing the public, tax practitioners and particularly, all taxable persons (including individuals, trustees, partnerships, companies, corporations, etc.) on its plans to commence the deployment of Automated Tax Administration Solutions (ATAS), not earlier than 30 days from the date of publication.

The Federal Inland Revenue Service (“FIRS” or “the Service”) has issued a Public Notice informing all taxpayers (companies, partnership, executors, trustees, community families, individuals) who have disposed a chargeable asset to bi-annually compute the capital gains tax, file self-assessment returns and pay tax computed in respect of the chargeable assets disposed.

The Federal Inland Revenue Service (FIRS) has published a Public Notice directed at all enterprises registered and operating (Approved enterprises) in the Nigerian Export Processing and Oil and Gas Export Free Zones (the Zones), mandating that they file their income tax returns in accordance with Section 18(1) of the Oil and Gas Export Free Zone Act (OGEFZA Act) and the NEPZA Nigerian Export Processing Zones Act (NEPZA Act) - this notice was also circulated via a letter to all Approved Enterprises operating within the Free Zone by the Nigeria Export Processing Zones Authority.

In the wake of the global economic downturn occasioned by Covid-19 pandemic, the Federal Government amidst other issues which include uncertainty of oil prices, increase in inflation and a budget deficit of about 5.6 trillion naira, reiterated the fact that the passage of the Finance Act, 2020 (“The Act”) is critical to the success of the 2021 Budget as well as the resilience and strength of the Nigerian economy.

The Budget, themed “Budget of Economic Recovery and Resilience”, was prepared amidst the global Covid-19 pandemic and decline in the price of crude oil.

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