FIRS

Procedures for FIRS Consent and Tax Considerations in Mergers.

Introduction: In accordance with the Federal Competition and Consumer Protection Act of 2018, mergers in Nigeria involve one or more undertakings gaining control over the business of another. This can be achieved through share purchase, amalgamation, or joint ventures. The Federal Inland Revenue Service (FIRS) plays a crucial role in the merger process, requiring its …

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FIRS Initiates Automation of Taxation for Online Gaming in Nigeria.

Introduction: In a Public Notice released in October 2022 titled “Real Time Direct Collection of Taxes from Online Gaming Transactions,” the Federal Inland Revenue Service (FIRS) announced the commencement of the automation process for administering taxes on online gaming activities in Nigeria. The primary aim of this automation is to streamline tax compliance for companies …

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FIRS Designates Telecom and Banks as VAT Withholding Agents.

In a Public Notice titled ‘Value Added Tax Act (CAP V1, LFN 2004) (as amended): Appointment of Certain Companies to Withhold VAT,’ the Federal Inland Revenue Service (FIRS) has officially designated MTN, Airtel, and all Deposit Money Banks (as defined by CBN Guidelines) as appointed agents responsible for withholding Value Added Tax (VAT) on taxable …

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Outsourcing Trademark Assignments: Expert Assistance in Transferring Ownership Rights

Introduction Trademarks are essential assets for businesses in Nigeria, representing brand identity, reputation, and intellectual property rights. In some cases, businesses may need to transfer these valuable assets to other parties. Trademark assignments, the legal transfer of trademark ownership, can be complex and require meticulous attention to detail. In this article, we will explore the …

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VAT and the Construction Industry in Nigeria: ,

Introduction The construction industry is a vital sector in Nigeria, contributing significantly to the country’s infrastructure development and economic growth. Value Added Tax (VAT) is an integral part of the country’s tax system, but its application within the construction sector presents unique challenges. In this article, we will explore the impact of VAT on the …

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Maintaining Trademark Ownership: The Role of Outsourced Renewal and Monitoring

Introduction Trademarks are invaluable assets that form the bedrock of brand identity and protection for businesses in Nigeria. Securing trademark rights through registration is essential, but it’s equally vital to maintain and protect those rights over time. This article delves into the critical role of outsourced trademark renewal and monitoring services in helping Nigerian businesses …

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Outsourcing Business Name Search: Ensuring Uniqueness and Availability

Introduction In the vibrant and competitive business landscape of Nigeria, choosing the right business name is a critical step for entrepreneurs and established companies alike. A unique and available business name not only sets you apart from the competition but also ensures legal compliance and trademark protection. In this article, we will explore the importance …

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Ensuring Trademark Compliance: The Value of Outsourced Services for Nigerian Businesses

Introduction In today’s competitive business landscape, trademarks serve as invaluable assets for Nigerian businesses. They not only protect brand identity but also contribute to a company’s reputation and market presence. However, safeguarding these assets through effective trademark compliance can be a complex and demanding task. This article explores the importance of trademark compliance for Nigerian …

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Navigating VAT Implications for Import and Export Businesses in Nigeria

Introduction The import and export industry is a vital component of Nigeria’s economy, facilitating the flow of goods both within the country and internationally. However, for businesses engaged in import and export activities, Value Added Tax (VAT) represents a complex and often overlooked aspect of their operations. In this article, we will delve into the …

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Accelerating Business Expansion: Outsourcing Business Name Registration for Multiple Locations

Introduction In the dynamic and competitive business landscape of Nigeria, expansion is often a strategic imperative for growth and sustainability. Expanding your business to multiple locations can open up new opportunities and markets, but it also comes with a host of administrative challenges, including registering your business name in each location. In this article, we …

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