Tax Alert: May 2012

On 12 December 2011, the Federal Inland Revenue Service (FIRS) pursuant to its powers under Section 61 of the FIRS Establishment Act (FIRS Act) ), with the approval of the Minister of Finance, issued the Tax Administration (Self Assessment) Regulations 2011 which was officially gazetted on 19 December 2011.

The regulation seeks to modify the existing self assessment procedure where taxpayers are required to compute their tax liabilities, file and make payment by the due date or in approved instalments.

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