Tax & Business Matters - Nigeria

FIRS to Implement ITAS

The Federal Inland Revenue Service (FIRS) is set to introduce an Integrated Tax Administration System (ITAS) which will enable taxpayers file tax returns and pay their taxes online. This initiative is commendable but to achieve concrete results that will make any meaningful impact the design and implementation of the project must be top-notch. Suffice to say it is still early days so fingers crossed.  

FIRS ITAS Project

Transfer Pricing & Thin Capitalisation

I was a discussant at a paper presentation on transfer pricing and thin capitalisation by Mr. M. O. Gbonjubola, Deputy Director, Tax Policy & Legislation, FIRS during the recent annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN).

It is apt to say that although we have just started implementing transfer pricing, one should expect thin capitalisation to follow in the nearest future.

You can download below a copy of the paper presented by the FIRS and a recent article on transfer pricing publiched by LexisNexis which I co-authored.

Download Transfer Pricing and Thin Capitalisation

Download Nigeria TP Article_LexisNexis

The new information circular on IFRS adoption

Read my article in today's BusinessDay on the above title which highlights the key tax implications of IFRS adoption including what you must know and do regarding your first IFRS-based tax returns.

IFRS tax implications article

May 2013 Tax Calendar

Welcome back from Workers' Day celebration. Uploaded below is the tax calendar for May 2013 for your use.

Download Tax Calendar_May 2013