Income tax is imposed on employees in Nigeria, and includes any salaries, wages, gains or profits - including bonuses, premiums and benefits - derived from employment. Income tax is processed using the PAYE system and reported each month to the State Internal Revenue Service (SIRS). All Nigerian tax ‘residents’ are...
Read MoreThe FIRS has added additional 35 tax audit units nationwide, to stem the high rate of illicit financial flow in the country. The Federal Inland Revenue Service (FIRS) announced the creation of 35 new Tax Audit Units to combat illicit financial flow across the country. The FIRS Chairman, Mr. Muhammad Nami, also...
Read MoreThe Central Bank of Nigeria has announced plans to discontinue the use of old cheque books with effect from March 31, 2021. The Central Bank of Nigeria (CBN) has in a circular to all Deposit Money Banks (DMBs), accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), stated that the...
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