Securities & Exchange Commission issues guidelines on crypto assets

The Securities & Exchange Commission, on 11 September 2020, issued a public notice to regulate the operation of crypto assets (which may include cryptocurrencies) in Nigeria, where the crypto assets have the character of securities.

Tax Appeal Tribunal rules that rent is not subject to VAT

The Tax Appeal Tribunal, in the case between Ess-Ay Holdings Limited (Ess-Ay) and the Federal Inland Revenue Service (FIRS), ruled that rent is not subject to Value Added Tax (VAT).

Federal Government of Nigeria revises excise regime

The Federal Government of Nigeria has re-introduced an ad-valorem excise structure to spirits and wines. With this introduction, excise duty on spirits, wines and cigarettes will now be based on both ad-valorem and specific excise structures.

FIRS launches an online reporting portal for financial institutions on AEOI-CRS

The Federal Inland Revenue Service (FIRS) has launched an online AEOI-CRS reporting portal to be used by reporting financial institutions (RFI) in Nigeria for CRS reporting purpose.

FGN releases guidelines for visa revalidation and migrant travels as the Nigerian airspace reopens

Following the resumption of international flights in Nigeria, the Nigeria Immigration Service (NIS) has issued the following guidelines for visa revalidation and migrant travels affected by the suspension of international flights and closure of airspace

Evaluating changes in transfer pricing positions in an economic downturn: a COVID-19 scenario

The downturn in both the global and Nigerian economies due to the impact of COVID-19 will have serious implications for many multinational businesses operating in Nigeria, especially in the areas of transfer pricing policy implementation and documentation.

FGN releases provisional protocol for travellers ahead of international flights resumption

The Federal Government of Nigeria (FGN) has released the provisional protocol (the Protocol), in preparation for the resumption of international flights to Nigeria, which is scheduled to commence from 5 September 2020

Federal Government of Nigeria postpones resumption of international flights

The Federal Government of Nigeria has postponed the resumption of international flights from 29 August to 05 September 2020.

FIRS extends filing deadline for corporate tax returns by 7 days

FIRS has issued a public notice informing the public of a 7-day extension granted to companies whose tax returns were due as at 31 July 2020.

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

Have you filed your 2019 individual income tax returns?

The 2019 individual tax returns (Form A) extended deadline of 30 June 2020 for Lagos State Internal Revenue Service and FCT Internal Revenue Service is fast approaching.