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Self-Assessment Regulation

Tax Newsletter


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Self Assessment RegulationThe Federal Inland Revenue Service (FIRS), in the exercise  of its powers has issued an official Gazette on Self-Assessment Regulation ("the Regulation"). The Gazette was dated 19 December 2011 and was subsequently presented to the public in April 2012. The Regulation applies to Companies Income Tax Act (CITA), Personal Income Tax Act (PITA), Petroleum Profits Tax Act (PPTA), Value Added Tax Act (VATA) etc., and sets out the mechanism for filing returns and payments of applicable taxes.

Highlights of the issues covered in the Regulation include: the official recognition of the use of tax agents, extension of time for making returns, due dates for filing returns, installment of payment, power to call for further returns, administrative assessment and the appeal procedure under the administrative assessment regime.

Tax Newsletter - Self Assessment Regulation

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