Taxation

Stanley Ihedigbo Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing individual annual income tax returns to April 14, 2026, offering taxpayers additional time to comply with statutory obligations. According to the Head, Corporate Communication, Monsurat Amasa-Oyelude, the extension was disclosed in a statement issued on Monday…

L-R: Head Marketing and Corporate Communications, Knight Frank Nigeria, Lanre Sonubi; Lead Research Analyst, Knight Frank Nigeria, Daniel Fabi; Senior Partner/CEO, Knight Frank Nigeria, Frank Okosun; Head, Human Resources and Administration, Toyin Lasaki; Chairman/MD, Knight Frank Africa and Middle-East, James Lewis; and Partner/Head, Valuation and Advisory, Knight Frank Nigeria, Sunny…

We are aware of a recent video claiming that the new tax laws will commence in 2027 and alleging the imposition of a 25% tax on funds for building materials and other transactions.   Both claims are incorrect. Contrary to the misinformation seeking to create fear, panic and disaffection, the…

L-R, The Olu of Oke-Ila, Oba Adedokun Abolarinwa; the chairman of the Federal Inland Revenue Service (FIRS) and guest lecturer, Dr Zacch Adedeji; the Vice-Chancellor, University of Ilesha, Professor Taiwo Asaolu, during the maiden edition of the varsity’s distinguished lecture series delivered by Adedeji at the institution, recently Stanley Ihedigbo…

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele; Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; and Coordinating Director, Proceeds of Crime Management and Illicit Financial Flows at FIRS, Professor Bolaji Owasanoye, during a special engagement of the committee with FIRS Directors in Abuja,…

Stanley Ihedigbo Federal Inland Revenue Service (FIRS) has launched a groundbreaking e-invoicing system, marking a significant milestone in Nigeria’s digital tax administration journey. The e-invoicing system, also known as the Merchant-Buyer Model, is aimed at making tax compliance easier, faster and more transparent for all categories of taxpayers. A statement…

Stanley Ihedigbo Federal Inland Revenue Service (FIRS) is set to host a two-day national conference on Illicit Financial Flows (IFFs) to tackle the menace that adversely impacts revenue collection and safeguards Nigeria’s financial integrity. The conference, scheduled to take place from July 22 to 23, 2024, at the Transcorp Hilton…

Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has directed tax offices to operate on weekends throughout June to facilitate the annual Companies Income Tax filing season. The move aimed to ease the process for taxpayers, enhance service delivery, and maximize tax collection during this critical period. The…

  Stanley Ihedigbo Lagos State Internal Revenue Service (LIRS) has issued a reminder to all individual taxpayers in the state, including the self-employed and those in the informal sector, to file their Annual Tax Returns by March 31, 2025, to avoid penalties and ensure compliance with tax regulations. According to…

    Stanley Ihedigbo   Chairman, Technical Sub-Committee on Domestic Sales of Crude Oil and Refined Products in Naira, Zacch Adedeji, has debunked reports that the naira-for-crude policy has been discontinued. According to Adedeji, the policy framework enabling the sale of crude oil in naira for domestic refining remains in…