Finance Act 2020 and its impact on employment tax

Finance Act 2020 and its impact on employment tax

The Finance Act, 2020 amends portions of various extant tax provisions, including that of the Personal Income Tax Act (PITA). In this article, we have highlighted some of the major changes to PITA and how these impact payroll taxes with effect from 1 January 2021.

Potential loss of Withholding Tax Credit is imminent as FIRS sets a 30 June 2021 deadline for the validation of Credit Notes

Potential loss of Withholding Tax Credit is imminent as FIRS sets a deadline for the validation of credit notes

The Federal Inland Revenue Service (FIRS), through some of its tax offices, has requested that taxpayers who have unutilised Withholding Tax (WHT) credit notes dating prior to 31 May 2020, should submit these for validation latest 30 June 2021. According to FIRS, failure to validate the WHT credit notes by this deadline will lead to permanent forfeiture of the tax credits.

FIRS introduces TaxPro-Max for the filing of Naira denominated tax returns

The Federal Inland Revenue Service (FIRS) has announced the introduction of TaxPro-Max, a Tax Administration Solution aimed at easing tax compliance in Nigeria. The launch was communicated to the general public via a Public Notice.

Edo State Government issues Personal Income Tax (Infrastructure Development and Social Investment Tax Credit Scheme) Order 2021

Edo State Government issues Personal Income Tax (Infrastructure Development and Social Investment Tax Credit Scheme) Order 2021

The Edo State Governor has signed the Infrastructure Development and Social Investment Tax Credit Scheme Order 2021 (“the Order”). The Order introduces the Infrastructure Development and Social Investment Tax Credit Scheme, a public-private partnership that enables the Edo State Government to leverage private sector funding in the construction and refurbishment of eligible infrastructure and social projects within Edo State.

FIRS issues public notice on local filing of Country by Country report

FIRS issues public notice on the local filing of Country by Country report

The Federal Inland Revenue Service (FIRS) has released a public notice (the Notice), notifying Nigerian branches and subsidiaries of Multinational Enterprises (MNEs) of suspension of the implementation of the local filing requirement of Country by Country (CbC) reports, until further notice.

Common Reporting Standard Compliance in Nigeria: What next to consider?

Common Reporting Standard Compliance in Nigeria: What next to consider?

As taxpayers approach another Automatic Exchange of Information (AEOI) – Common Reporting Standard (CRS) returns filing season, financial institutions in Nigeria would need to take note of their CRS reporting obligations as provided in the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations) and the Income Tax (Common Reporting Standard) Implementation and Compliance Guidelines, 2019 (CRS Guidelines).

Federal Government of Nigeria reviews provisional protocol for travellers arriving from Brazil, India and Turkey

Federal Government of Nigeria reviews provisional protocol for travellers arriving from Brazil, India and Turkey

The Federal Government of Nigeria, on 02 May 2021, announced that travellers arriving from Brazil, India and Turkey (BIT countries) will be denied entry into Nigeria with effect from Tuesday, 4 May 2021

CBN replaces the platform for the processing of electronic Certificate of Capital Importation

CBN replaces the platform for the processing of electronic Certificate of Capital Importation

The Central Bank of Nigeria (CBN) has announced the replacement of the platform for the processing of electronic Certificate of Capital Importation (eCCI).

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A case for eXtensible Business Reporting Language (XBRL)

On the 24th March 2021, the International Financial Reporting Standards (IFRS) Foundation published IFRS Taxonomy 2021. The 2021 taxonomy is an upgrade on previous versions of a digital taxonomy developed by the global reporting standard-setter for digital and electronic reporting that is based on a global reporting language known as XBRL.

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Re-imagining the Finance Function

All over the world, there has been a rapid transformation in how businesses operate and thrive. The new order of operation is largely a result of the speedy adoption of new technologies but exacerbated by the pandemic that has now redefined how we live and interact. Business functions within organizations are now forced to reinvent themselves as the effectiveness of their operating models are being challenged.

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Tax revenue generation challenge in a dwindling economy – the need for constructive compromise within the transfer pricing landscape in Nigeria

Tax revenue generation challenge in a dwindling economy – the need for constructive compromise within the transfer pricing landscape in Nigeria