# Nigeria Tax Act

2 articles tagged

Understanding the 'Power of Substitution' by LIRS: Implications for Your Finances

The Lagos State Government has implemented the 'Power of Substitution' via a recent LIRS Public Notice, enabling the agency to collect unpaid taxes directly from third parties like banks and employers that owe money on behalf of tax defaulters.

Jan 27, 20269 min read

Business

NRS Provides Clarification on 7.5% VAT for Banking Services

The Nigeria Revenue Service has announced that the 7.5% VAT on banking services has been in effect and is applicable only to existing fees, dispelling misconceptions regarding its introduction. This clarification is vital for residents to understand their tax obligations better.

Jan 16, 20267 min read

Banking NRS Nigeria Tax Act