Tax & Business Matters - Nigeria

LIRS has a new boss

The governor of Lagos State has appointed Mr Folarin Ogunsanwo as the new Chairman of the Lagos State Board of Internal Revenue. He replaces Mr Tunde Fowler who was recently appointed as the Ag. Chairman of the FIRS.

Before the appointment, Mr Ogunsanwo was a director with the LIRS. The new appointment has been confirmed by the State House of Assembly.

The new changes at the FIRS and what taxpayers should expect

With the recent appointment of Mr Babatunde Fowler as the acting Executive Chairman of the Federal Inland Revenue Service (FIRS), his primary mandate is to significantly increase Nigeria's tax revenue collection which is currently one of the lowest in the world in terms of tax to GDP ratio. In addition, the FIRS leadership is expected to introduce reforms that will make the tax system more efficient. Initial proposals by the new Chairman include: joint tax audits by states and FIRS, advance CIT payment on interim dividends, and use of tax consultants for audit and investigation.

Read our tax alert below for more insights.

Download Tax Alert_New FIRS Leadership & What to Expect

I have also uploaded our tax calendar for September for your use.

Download Tax Calendar_September 2015