Taxation

Michael Olumide Alabi Nigeria Revenue Service (NRS) has directed all large taxpayers with annual gross turnover of ₦5 billion and above to fully comply with the national e-invoicing and Electronic Fiscal System (EFS) by July 31, warning that defaulters risk regulatory and enforcement actions under existing tax laws. The directive…

L-R: Executive Chairman, Kwara State Internal Revenue Service (KW-IRS), Folashade Omoniyi; Executive Secretary, Joint Revenue Board (JRB), Mr. Olusegun Adesokan; Executive Chairman, Lagos State Internal Revenue Service (LIRS), Dr. Ayodele Subair, and Executive Chairman, Akwa Ibom State Internal Revenue Service (AKIRS), Sir Okon Okon, during the 159th meeting of the…

Stanley Ihedigbo Lagos State Internal Revenue Service (LIRS) has announced a further extension of the deadline for filing individual annual income tax returns, shifting the date from April 14 to April 21, 2026. According to the statement signed by the Head of Corporate Communications at LIRS, Monsurat Amasa-Oyelude, the decision…

Stanley Ihedigbo Collection of mineral royalties from mining operators across Nigeria has officially been transferred to the Nigeria Revenue Service (NRS), marking a significant shift in the administration of revenues from the country’s solid minerals sector. Under the new arrangement, the NRS will be solely responsible for the collection and…

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…