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What you should know about Income Tax in Nigeria
Date: February 02, 2021

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...

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FIRS announces 35 new Tax Audit Units to address illicit financial flow in Nigeria
Date: February 02, 2021

The 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...

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CBN says revised new cheque book to become fully operational from April 1, 2021
Date: February 01, 2021

The 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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