Tax – Stransact Blog

Navigating the Future of Tax Compliance: FIRS to Roll Out E-Invoicing in Nigeria

Admin / June 10, 2025

To modernize tax administration and close revenue gaps, the Federal Inland Revenue Service (FIRS) will begin rolling out an electronic invoicing (e-Invoicing) system—FIRSMBS. This initiative is designed to improve VAT collection, reduce tax leakages, and align with Nigeria’s digital economy strategy by enabling real-time invoice validation, standardization, and secure transmission through integrated enterprise systems.

Renewed Hope Nigeria First Policy: A Strategic Shift Towards Local Content and Economic Sovereignty

Admin / May 19, 2025

Many Nigerian businesses are missing out on growth not because of lack of potential, but because of poorly structured procurement processes. At Stransact, we offer practical strategies to help your business align with this new policy, meet procurement requirements, and take advantage of local sourcing opportunities.

News, Tax

How to File Your Personal Income Tax in Nigeria: A Step-by-Step Compliance Guide

Admin / March 6, 2025

re You Tax Compliant? March 31st is the PIT filing deadline in Nigeria! Learn who needs to file, how to do it, and where to pay. Get the full breakdown in this essential guide.

Consulting, Tax

Are You Being Over-Taxed? How to Spot Errors in Your PAYE Deductions

Admin / February 6, 2025

Discover common PAYE errors, how to fix them, and use Stransact’s PAYE calculator to ensure accurate tax deductions in Nigeria.

Consulting, Industry Best Practises, Tax

The Legal Propriety of Ungazetted Acts or Regulations in Nigeria

Admin / September 19, 2024

Explore the legislative process in Nigeria, from the National Assembly’s role to the President’s assent, and understand the significance of official gazetting and the legal implications of ungazetted laws.

Consulting, Regulatory and Policy Updates, Tax

Capital Gains, Crypto, and Compliance: Understanding SEC’s Incubation Programs and Tax Implications

Admin / September 19, 2024

The Nigerian Securities and Exchange Commission (SEC) recently announced significant advancements in its regulatory approach to digital assets through its Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program. Learn more about this new development

Regulatory and Policy Updates, Tax

Comprehensive Review: Deduction of Tax at Source (Withholding) Regulations 2024

Admin / July 15, 2024

Discover key updates in Nigeria’s Withholding Tax (WHT) Regulations 2024, their impact on businesses, and potential legal risks for early compliance. Learn more now.

Expert Interviews, Regulatory and Policy Updates, Tax

Nigeria’s New Withholding Tax Regulations Explained

Admin / July 8, 2024

Confused by the new withholding tax regulations in Nigeria? This comprehensive guide explains who’s exempt, the difference between withholding tax and VAT, and how to avoid excess credit pitfalls. Learn how the new rules impact businesses and improve tax compliance in Nigeria.

Tax

How Multiplicity Of Taxes, Levies Hinder Businesses In Nigeria

Admin / July 3, 2024

Eben Joels, a managing partner at Stransact Chartered Accountants and Audit, discusses tax reforms in Nigeria, President Bola Tinubu’s one-year administration, and what the federal government must do to put the country on a path of progressive growth and socio-economic development.

Tax

Tax Incentive and Private Equity Growth: The Nigerian Outlook

Admin / June 20, 2024

Discover how tax incentives are driving private equity growth in Nigeria. Learn about key legislative measures like the Nigeria Startup Act, investment tax credits, and specific incentives for venture capital companies.