TAX PLANNING AND TAX ADMINISTRATION Tax planning refers to an arrangement of a taxpayers’ business or financial dealings, in such a way that complete tax benefit can be availed by legitimate means, i.e. making use of all beneficial provisions and relaxations provided in the tax law, so that the incidence of the tax is minimum[i]. […]
The Federal Inland Revenue Service (FIRS) has, through a Public Notice (“the Notice“), announced the creation of a new tax office to exclusively attend to the tax affairs of non-resident persons in Nigeria. The Non-Resident Persons’ Tax Office (NRPTO) is located within the International Tax Department of FIRS in Ikoyi, Lagos. However, the office would […]
The Federal Inland Revenue Service (FIRS) via its letter referenced FIRS/EC/MISC/5435/18/57, dated April 23, 2018 directed that only Chartered Institute of Taxation of Nigeria (CITN)’s stamp and seal for the purpose of filing tax returns on behalf of taxpayers with FIRS shall be recognized by FIRS with effect from January 2, 2019. However, an exception […]