Olaniwun Ajayi LP

February 9, 2023

Federal High Court Rules on EFCC’s Powers to Investigate Taxes of Companies

As the Nigerian government continues its revenue drive, questions on the exercise of fiscal powers continue to arise. In Wheatbaker Investments and Properties Limited v. Economic and Financial Crimes Commission...

May 13, 2022

FIRS PUBLIC NOTICE ON CERTIFICATE OF FIXED ASSET ACCEPTANCE AS A PRECONDITION FOR THE CLAIM OF CAPITAL ALLOWANCE

The FIRS in a recent public notice requested that all companies submit their Certificates of Fixed Assets Acceptance (CAFA) on Qualifying Capital Expenditures (QCEs) for capital allowances enjoyed between 2016...

February 17, 2022

TAT LAGOS SETTLES CONTROVERSY ON THE SCOPE OF STOCK-IN-TRADE FOR THE CLAIM OF INPUT VAT – CHI LTD V. FEDERAL INLAND REVENUE SERVICE

In what may be regarded as a breakthrough for players in the manufacturing sector in Nigeria, the Tax Appeal Tribunal provided clear parameters for the determination of “Stock in Trade”...

February 7, 2022

Olaniwun Ajayi Tax Wrap-up Report

With the birth of the Petroleum Industry Act which had spent 16 years in incubation; the yearly visitor – the Finance Act, which has become the new normal under the...

January 20, 2022

A REVIEW OF THE SUNSET ON TAX EXEMPTIONS FOR NIGERIAN DEBT SECURITIES

With the expiration of the tax exemption orders on debt securities after a 10-year life span, the coming months present a relatively new tax compliance atmosphere for operators and participants...

December 10, 2021

Key Tax Changes Proposed In The Finance Bill 2021

The President Muhammadu Buhari led federal government in a bid to keep its promise of a yearly Finance Act has presented the Finance Bill for consideration and passage by the...

June 3, 2020

SEP

Nigeria issues the Companies Income Tax (Significant Economic Presence) Order, 2020

The Finance Act 2019 heralded the introduction of a new framework for the taxation of e-commerce in Nigeria and this was to be based on the Significant Economic Presence (SEP)...

June 2, 2020

The Value Added Tax (VAT) Modification Order 2020

The Honourable Minister of Finance, Budget and National Planning, in the exercise of powers granted in section 38 of the Value Added Tax Act Cap V1 LFN 2004 (VATA or the Act)...

May 22, 2020

FIRS Circular

FIRS Circular on the Tax Implications of Operation of Real Estate Investment Companies in Nigeria

Following the passage of the Finance Act 2019, the Federal Inland Revenue Service (FIRS or the Service) has released several circular providing clarification on certain provisions of extant tax laws...

May 15, 2020

FIRS circular

FIRS Circular on the Implementation of The Value Added Tax Provisions in the Finance Act 2019

With the introduction of sweeping changes to the provisions of existing tax laws in Nigeria by the Finance Act 2019 (the Act), it has become necessary for the Federal Inland Revenue...

February 9, 2023

Federal High Court Rules on EFCC’s Powers to Investigate Taxes of Companies

As the Nigerian government continues its revenue drive, questions on the exercise of fiscal powers continue to arise. In Wheatbaker Investments and Properties Limited v. Economic and Financial Crimes Commission...

May 13, 2022

FIRS PUBLIC NOTICE ON CERTIFICATE OF FIXED ASSET ACCEPTANCE AS A PRECONDITION FOR THE CLAIM OF CAPITAL ALLOWANCE

The FIRS in a recent public notice requested that all companies submit their Certificates of Fixed Assets Acceptance (CAFA) on Qualifying Capital Expenditures (QCEs) for capital allowances enjoyed between 2016...

February 17, 2022

TAT LAGOS SETTLES CONTROVERSY ON THE SCOPE OF STOCK-IN-TRADE FOR THE CLAIM OF INPUT VAT – CHI LTD V. FEDERAL INLAND REVENUE SERVICE

In what may be regarded as a breakthrough for players in the manufacturing sector in Nigeria, the Tax Appeal Tribunal provided clear parameters for the determination of “Stock in Trade”...

February 7, 2022

Olaniwun Ajayi Tax Wrap-up Report

With the birth of the Petroleum Industry Act which had spent 16 years in incubation; the yearly visitor – the Finance Act, which has become the new normal under the...

January 20, 2022

A REVIEW OF THE SUNSET ON TAX EXEMPTIONS FOR NIGERIAN DEBT SECURITIES

With the expiration of the tax exemption orders on debt securities after a 10-year life span, the coming months present a relatively new tax compliance atmosphere for operators and participants...

December 10, 2021

Key Tax Changes Proposed In The Finance Bill 2021

The President Muhammadu Buhari led federal government in a bid to keep its promise of a yearly Finance Act has presented the Finance Bill for consideration and passage by the...

June 3, 2020

SEP

Nigeria issues the Companies Income Tax (Significant Economic Presence) Order, 2020

The Finance Act 2019 heralded the introduction of a new framework for the taxation of e-commerce in Nigeria and this was to be based on the Significant Economic Presence (SEP)...

June 2, 2020

The Value Added Tax (VAT) Modification Order 2020

The Honourable Minister of Finance, Budget and National Planning, in the exercise of powers granted in section 38 of the Value Added Tax Act Cap V1 LFN 2004 (VATA or the Act)...

May 22, 2020

FIRS Circular

FIRS Circular on the Tax Implications of Operation of Real Estate Investment Companies in Nigeria

Following the passage of the Finance Act 2019, the Federal Inland Revenue Service (FIRS or the Service) has released several circular providing clarification on certain provisions of extant tax laws...

May 15, 2020

FIRS circular

FIRS Circular on the Implementation of The Value Added Tax Provisions in the Finance Act 2019

With the introduction of sweeping changes to the provisions of existing tax laws in Nigeria by the Finance Act 2019 (the Act), it has become necessary for the Federal Inland Revenue...