How to Resolve Tax Disputes
The mechanisms for resolving tax disputes are outlined in the tax laws of Nigeria. Although different tax laws have varied deadlines for filing returns and filing appeals, the general process is basically the same. The tax authorities check each taxpayer’s return for accuracy once it is filed. The tax authorities would apply an assessment event […]
Calculation of PAYE in Nigeria
Personal Income Tax (PIT) is a tax levied on individuals including sole proprietorships, partnership, unincorporated trustees, joint ventures, etc. It is imposed based on source and residency rules. The two key legislation are the Personal Income Tax Amendment Act 2011 (PITAM) and Finance Act 2020. An individual or employees is liable to tax in Nigeria […]
Power of FIRS in tax administration
The Federal Inland Revenue Service (FIRS) is empowered by Section 8 of the FIRS Act to assess individuals, including businesses and enterprises, and to collect, account for, and compel payment of any taxes that may be owed to the government or any of its agencies.The FIRS can order anyone, including a bank, to pay funds […]