NEPC calls for submission of baseline data for 2019 & 2020 export ratings

The Nigerian Export Promotion Council (NEPC or the Agency) has requested that qualifying exporters submit baseline data for the 2019 and 2020 fiscal years. This is to aid the determination of applicable export ratings, which are incentive rates applicable under the revised export expansion grant (EEG) scheme (“the Revised EEG” or “the Scheme”).

Nigeria’s 2021 Budget of Economic Recovery and Resilience

The Budget, themed “Budget of Economic Recovery and Resilience”, is expected to accelerate the pace of economic recovery following the COVID-19 pandemic (the Pandemic), enhance competitiveness and ensure social inclusion.

Nigeria Immigration Service introduces new visa fees and announces the implementation date for the Nigeria Visa Policy 2020

The Nigeria Immigration Service (NIS), through a press release on 30 September 2020, announced the introduction of new visa fees and the implementation date for the Nigeria Visa Policy 2020

Compendium of COVID-19 tax measures in Nigeria

This publication provides information about the palliatives offered by various Tax Authorities across the country. The compilation includes links to the public notices and information circulars from the relevant Tax Authorities.

Petroleum Industry Bill 2020 Submitted to the National Assembly

The PIB aims to strengthen the governing institutions, establish a strong regulatory framework, ensure transparency and accountability, promote exploration & exploitation of oil resources and foster sustainable development in Nigeria’s oil and gas industry.

Common Reporting Standard and Compliance Obligations for Nigerian Financial Institutions

The first set of Common Reporting Standard (CRS) reports are due for filing with the Federal Inland Revenue Service (FIRS) on Wednesday, 30 September 2020. This is following a four (4) month extension of the initial filing deadline from 31 May 2020.

Nigeria’s Recent Trade Restrictions: A good or bad move?

The Central Bank of Nigeria recently directed all Authorized Dealers to discontinue the process of opening a Form M1 for Nigerian purchasers, if payments for the purchases are routed through a buying company, buying agent or any other third party assigned to facilitate such purchase transactions.

FIRS issues public notice on completion of Self-Certification Forms by Reportable Persons

The Federal Inland Revenue Service (FIRS) on 17 September 2020, released a public notice requesting all account holders with Reporting Financial Institutions (RFIs), such as commercial banks, insurance companies, asset management companies etc., to obtain, complete and submit Self-Certification Forms (SCFs) to their respective financial institutions.

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).