FIRS launches self-registration on TaxPro Max
Bomes Resources Consulting
by BRC
2w ago
Federal Inland Revenue Service (FIRS) has introduced a new feature to ease the registration of new taxpayers in Nigeria. The self-registration module on TaxPro Max allows taxable persons to register for taxes with FIRS online. Taxpayers can now register with FIRS online, given the need to improve the ease of doing business in Nigeria. Businesses […] The post FIRS launches self-registration on TaxPro Max appeared first on Bomes Resources Consulting (BRC ..read more
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Overview of Expatriate Employment Levy Handbook – Nigeria
Bomes Resources Consulting
by BRC
1M ago
Introduction On 27 February 2024, the Federal Government of Nigeria launched the Expatriate Employment Levy Handbook. The Expatriate Employment Levy Handbook (EEL Handbook) contains guidelines for businesses that have expatriate employees in Nigeria. This article provides an overview of the EEL. Topics covered are the objective, scope, persons exempt, rate, registration process, responsibilities, and penalty. […] The post Overview of Expatriate Employment Levy Handbook – Nigeria appeared first on Bomes Resources Consulting (BRC ..read more
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Filing of 2023 employer tax returns in Nigeria
Bomes Resources Consulting
by BRC
2M ago
As the first month in 2024 draws to an end, businesses are reminded to file their 2023 employer tax return. The annual tax return showing employee(s) income and PAYE tax paid from 1 January 2023 to 31 December 2023 will be due on 31 January 2024. Payroll tax returns should be filed with the relevant […] The post Filing of 2023 employer tax returns in Nigeria appeared first on Bomes Resources Consulting (BRC ..read more
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FIRS begins VAT and WHT compliance exercise
Bomes Resources Consulting
by BRC
5M ago
Federal Inland Revenue Service (FIRS) will commence the review of taxpayers’ compliance with value added tax (VAT) and withholding tax (WHT) across the nation. The monitoring exercise on all taxable persons begins on Monday, October 23, 2023. Taxable persons include Non-Governmental Organisations (NGOs), Ministries, Departments, and Agencies (MDAs) of government. FIRS officers will visit assigned […] The post FIRS begins VAT and WHT compliance exercise appeared first on Bomes Resources Consulting (BRC ..read more
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FIRS Public notice on Finance Act 2023
Bomes Resources Consulting
by BRC
7M ago
Finance Act (FA) 2023 contains changes in different provisions in the tax and other fiscal laws in Nigeria. FA 2023 will take effect from September 1, 2023 rather than May 1, 2023 based on the Finance Act (Effective Date Variation Order) 2023. Further to the new effective date for the FA 2023, the Federal Inland […] The post FIRS Public notice on Finance Act 2023 appeared first on Bomes Resources Consulting (BRC ..read more
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President Tinubu signs executive orders on fiscal policy
Bomes Resources Consulting
by BRC
7M ago
President Bola Ahmed Tinubu has signed four (4) Executive Orders to suspend provisions in the Finance Act (FA) 2023 and the Fiscal Policy Measures 2023. Details of the Executive Order are: Finance Act (Effective Date Variation) Order, 2023 shows a new commencement date of the FA 2023 as September 1 2023 rather than the initial […] The post President Tinubu signs executive orders on fiscal policy appeared first on Bomes Resources Consulting (BRC ..read more
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FIRS extends deadline for 2023 companies income tax returns
Bomes Resources Consulting
by BRC
9M ago
The Federal Inland Revenue Service (FIRS) has given companies additional time to file 2023 Companies Income Tax (CIT) Returns due on June 30 2023. Every company whose income tax returns for 2023 assessment year fall due from the June 30 to August 31 2023 have up till August 31 2023 to submit the returns. During the period, FIRS will also suspend late filing charges. CIT returns is filed every year. Old companies will file tax returns by six months after the end of a financial year. That is, the due date to file CIT returns of a company with… The post FIRS extends deadline for 2023 companies ..read more
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How to claim input VAT on TaxProMax
Bomes Resources Consulting
by BRC
10M ago
There is a new way to claim input value added tax (VAT) on the TaxPro Max. The Federal Inland Revenue Service (FIRS) has released a guide for taxpayers should file their VAT returns for April 2023 in May 2023. Every field deactivated earlier on will be enabled, while the automatic credit for purchases will be disabled. A taxpayer who wants to claim input VAT must attach the following documents: Purchase schedule to claim input VAT for purchases WVAT schedule to claim input VAT for withholding VAT (WVAT) Purchase imports schedule to claim input VAT for imports Furthermore, all claims must… The ..read more
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Withholding VAT and self account- FIRS circular
Bomes Resources Consulting
by BRC
1y ago
Introduction The Federal Inland Revenue Service (FIRS) has released a circular on the withholding of value added tax (VAT) in Nigeria in line with the provisions of the VAT Act 2004 (as amended). 1.0 Legal basis A taxable person who receives a taxable supply in Nigeria from a Non-Resident should withhold and remit VAT. The rule applies where FIRS has not appointed another person. All ministries, statutory bodies, or government agencies shall deduct or withhold VAT on amounts payable to contractors and remit the sum to the tax authority. Entities in the oil and gas industry can withhold VAT at ..read more
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FIRS grants waiver on interest and penalty from TaxPro Max
Bomes Resources Consulting
by BRC
1y ago
The Federal Inland Revenue Service (FIRS) has waived interest and penalty for taxpayers on the TaxPro Max. FIRS waiver is in response to the additional interests and penalties on liabilities from monitoring, desk review, tax audit, and tax investigation when a taxpayer wants to obtain a Payment Reference Number (PRN) on TaxPro Max. TaxPro Max is a self-service online portal for a taxable person to manage taxes payable to the Federal tax authority. Therefore, FIRS has granted a one-off waiver of all interests and penalties due created by TaxPro Max on liabilities from monitoring, desk review, t ..read more
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