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September 8, 2023

FIRST HALF OF 2023 NIGERIA’S MACROECONOMIC PERFORMANCE

1.0     INTRODUCTION Nigeria, as one of Africa’s largest economies, underwent significant economic changes during the first and second quarters of 2023. These changes were influenced by […]
September 8, 2023

GLOBAL DISRUPTION, TAXATION AND DIGITALISATION: IMPLICATIONS FOR SOCIO-ECONOMIC DEVELOPMENT

1.0          PREAMBLE It is no longer news that the COVID-19 pandemic has altered business transactions across the globe, causing business communities to adopt technology to be […]
September 8, 2023

EVOLUTION OF MICRO, SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA AS A KEY DRIVER OF THE MODERN ECONOMY

Since the industrial revolution of 1798 in Great Britain, the mode and methods of managing businesses and economic activities among countries of the world have experienced […]
September 8, 2023

TAXBIT: POST VOLUNTARY ASSETS AND INCOME DECLARATION SCHEME: ASSESSING THE IMPLEMENTATION AND LEVEL OF COMPLIANCE

Since the industrial revolution of 1798 in Great Britain, the mode and methods of managing businesses and economic activities among countries of the world have experienced […]
September 8, 2023

TAXBIT: STANDARDISATION OF THE MODE OF FILING TAX RETURNS – A CASE OF PROFESSIONALIZING TAX PRACTICE AND ADMINISTRATION IN NIGERIA

1.0     PREAMBLE Recently, the Federal Inland Revenue Service (FIRS) facilitated the signing of a Memorandum of Understanding (MoU) among the major players in the profession of […]
September 8, 2023

TAXBIT: FISCAL AND MONETARY POLICY MEASURES AND RE-ADJUSTMENT: RECOMMENDATIONS FROM THE NIGERIAN GOVERNOR’S FORUM- PART 1

 1.0     PREAMBLE The Governor’s Forum is a body that comprises of all the current Governors in Nigeria. The forum was established to enable Governors to collectively […]
September 8, 2023

TAXBIT: BLACK MONEY SYNDROME IN NIGERIA: A CASE OF TAX EVASION CAUSING FINANCIAL INSTABILITY

1.0. INTRODUCTION Money made illegally or otherwise legally but not recorded for tax purposes is referred to as “black money.” Proceeds from illicit economic activities are typically obtained […]
September 8, 2023

TAXBIT: MULTIDIMENSIONAL POVERTY INDEX AND ANALYSIS: CURRENT STATUS IN NIGERIA

1.0. INTRODUCTION Poverty is a multidimensional problem that goes beyond economics to include social and institutional issues. A concise and universally accepted definition of poverty is […]
June 7, 2023

IMPORTANT NOTIFICATION IN THE TAX LAWS AS AMENDED THROUGH FINANCE ACT, 2023

February 26, 2023

REGISTRATION OF TAX PROFESSIONALS (CITN) WITH FINANCIAL REPORTING COUNCIL OF NIGERIA (FRCN)

November 21, 2021

Overview of CITN Statement of Taxation Standards (STS) – Statement of Taxation Standard (STS) 5: Form and Content of Tax Advice/Opinion

Introduction The CITN Statement of Taxation Standard (STS) Five on Form and Content of Tax Advice/Opinion sets out guidance for members on certain aspects of providing […]
November 15, 2021

Overview of CITN Statement of Taxation Standards (STSs)4 – Previously Agreed Tax Return Filing Position

Statement of Taxation Standard (STS) 4: Previously Agreed Tax Return Filing Position Introduction The CITN Statement of Taxation Standard (STS) Four on Previously Agreed Tax Return […]
November 6, 2021

Overview of CITN Statement of Taxation Standards (STS) 3 – Procedural Aspects of Filing Returns

Introduction Taxation is a unique profession dealing more in law, tax policies and the manner of treatment of tax elements regulated by legal pronouncements. This is […]
October 28, 2021

Overview of CITN Statement of Taxation Standards (STSs)- part 2

Introduction The CITN Statement of Taxation Standards (STS) Two on Tax Returns Position was issued and gazetted in the Federal Republic of Nigeria Official Gazette Vol. […]
October 14, 2021

Overview of CITN Statement of Taxation Standards (STSs)

Introduction Tax practice as a term encompasses the policies, procedures and practices that are routinely and consistently employed by members of the taxation profession in the […]
October 9, 2021

EVOLUTION OF THE NIGERIA DIGITAL CURRENCY: THE e-NAIRA (Part 1)

EVOLUTION OF THE NIGERIA DIGITAL CURRENCY: THE e-NAIRA What is digital currency? Digital currency is any form of money or payment that exists solely in electronic […]
October 9, 2021

ADMINISTRATION OF STAMP DUTIES IN NIGERIA (CONCLUDING PART)

ADMINISTRATION OF STAMP DUTIES IN NIGERIA (CONCLUDING PART) 1.0. ADJUDICATION OF STAMP DUTY PROCESS OF ADJUDICATION  It is the right of the taxpayer to seek the […]
September 26, 2021

Administration of Stamp Duties in Nigeria under the Finance Act -Part 3

ADMINISTRATION OF STAMP DUTIES IN NIGERIA UNDER THE FINANCE ACT -PART 3 In the first and second parts of this article that were featured in the […]
September 16, 2021

Highlights of the Lagos State Value-Added Tax Law

The Lagos State House of Assembly on the 9th of September, 2021 passed its Value Added Tax (VAT) Law. The Law is to impose and charge […]
September 10, 2021

Administration of Stamp Duties in Nigeria Under the Finance Act (Part 2)

In the first part of this article that was featured in the previous week (02/09/2021), we discussed the administration of Stamp duties, dutiable instruments and how […]
September 10, 2021

Administration of Stamp Duties in Nigeria Under the Finance Act

Introduction Stamp duty is levied on written or electronic transaction documents. The tax is governed by the Stamp Duties Act (SDA) of 1939 and charged as […]
August 27, 2021

What You Should Know About The Rivers State Value-Added Tax Law

The Governor of Rivers State, Barri Nyesom Wike on the 19th of August 2021 signed into law the Rivers State Value Added Tax Law which provides […]
August 25, 2021

An Overview of the Petroleum Industry Act 2021

INTRODUCTION The Petroleum Industry Act was signed into law by President Muhammadu Buhari on Monday, August 16, 2021 after series of amendments and dialogues which spanned […]
August 5, 2021

Administration Of Value-Added Tax In Nigeria: Goods And Services Exempt

Introduction VAT is a consumption tax that has been embraced and adopted by many nations across the globe. Because it is a consumption tax, it is […]
July 29, 2021

Issues in the Taxation of Non – Resident Companies

INTRODUCTION Non – Resident Companies (NRCs) refer to companies that are not incorporated in Nigeria. Historically, non-resident companies doing business in Nigeria prepare and pay their […]
July 29, 2021

Allowable Deductions in the Computation of Companies Income Tax in Nigeria

1.0. Introduction:The Companies Income Tax Act (CITA) 2004 (as amended) provides that companies income tax shall be imposed on the profits of a company derived from […]
July 15, 2021

FIRS Taxpromax Solution: Filing Requirements and Procedures

Introduction Following the provisions of the Finance Act 2020 which empowers the Federal Inland Revenue Service (FIRS) to automate tax return filing and payment processes, the […]
July 15, 2021

Taxing Rights and Global Minimum Tax Rate – An End To Profit Shifting

INTRODUCTION Recently, the top economic officials from the world’s advanced economies reached a groundbreaking agreement to overhaul international tax laws. This has led to the unveiling […]
July 15, 2021

Taxation of Individuals Other Than Employees in Nigeria: Compliance Guideline

At this time of the year, every individual that earns an income is expected to have filed personal income tax returns with the relevant authorities. Section […]
July 15, 2021

Minimum Tax: Application to Nigerian Companies

Overview Income tax is payable on taxable income or profits generated by companies from their activities. There are situations where a company’s tax computation results in […]
December 25, 2022
Seasons Greetings to Our Members and Stakeholders
December 28, 2022

New Layer Slide Slide
Summary of Mandatory Professional Training Programme (MPTP) for 2023