SUBMISSION OF CERTIFICATE OF ACCEPTANCE

SUBMISSION OF CERTIFICATE OF ACCEPTANCE

The Federal Inland Revenue Service (FIRS) hereby notify all taxpayers, tax consultants, and the general public that;

In line with section 3 of the Industrial Inspectorate Act, Cap. 18, LFN 2004 (as amended), any person incurring qualifying capital expenditure of N500,000 and above is required to obtain a Certificate of Acceptance from the Industrial Inspectorate Division of the Federal Ministry of Industries, Trade, and Investment in respect of that qualifying capital expenditure. The FIRS may take account of any fact contained in the certificate in carrying out its functions, including the grant of capital allowance.

In view of this, the service request all companies that enjoyed capital allowance on qualifying capital expenditure of N500,000 and above between 2016 and 2021 years of assessment to submit the certificate(s) of acceptance issued by the Industrial Inspectorate Division of the Federal Ministry of Industries, Trade, and Investment at the tax office where the company’s tax file is domiciled not later than 31st October 2022.

Notice is further given that, henceforth, every company shall provide certificate(s) of acceptance in respect of qualifying capital expenditure of N500,000 and above incurred in each year of assessment.

The service may withdraw the capital allowances enjoyed for the relevant years of assessment by any company that failed to comply with this notice with a consequential additional tax assessed accordingly.

Taisha Associates helps companies to register and process the Acceptance Certificate from the Industrial Inspectorate Division of the Federal Ministry of Industries, Trade, and Investment. If you are interested

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