COVID-19: Nigeria rolls out various regulatory and fiscal measures to provide relief

COVID-19: Nigeria rolls out various regulatory and fiscal measures to provide relief

This newsletter examines the various measures put in place in Nigeria to contain the spread of COVID-19 and also alleviate the impact of the Pandemic.

COVID-19: House of representatives pass Emergency Economic Stimulus Bill 2020

In a bid to alleviate the adverse financial impact of the COVID-19 Pandemic on individuals and organizations in Nigeria, the House of Representatives recently passed the Emergency Economic Stimulus Bill 2020.

Federal Government of Nigeria announces further measures to curb the spread of Covid-19

In furtherance of the efforts to curtail the wanton spread of the novel Coronavirus (COVID- 19 or the virus), the Federal Government of Nigeria (FGN) recently announced the following additional measures meant to last for four weeks, subject to further review

FIRS launches business continuity plan in response to Coronavirus pandemic

With the global outbreak of the novel Coronavirus (COVID- 19 or the Pandemic), Federal Inland Revenue Service (FIRS) has released a public notice (the Notice), informing the general public of the launch of its “business continuity plan”.

Implementing IFRS 19 (Leases) – What are the tax implications?

Implementing IFRS 16 (Leases) – What are the tax implications?

The International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) 16 on leases, which became operational in January 2019. IFRS 16 was issued to replace International Accounting Standard (IAS) 17 on leases.

Outlook and impact of changes in Nigeria taxation landscape for 2020

Outlook and impact of changes in Nigeria taxation landscape for 2020

There are fundamental changes in Nigeria’s tax landscape with far-reaching impact on the economy and business performance in 2020 and beyond.

Federal Government of Nigeria announces suspension of Visa on Arrival

Federal Government of Nigeria announces suspension of Visa on Arrival

As a result of the recent COVID-19 outbreak, the Federal Government has announced the suspension of Visa on Arrival and entry restriction to travellers from 13 countries.

FIRS automates VAT filing and collection system, for certain businesses

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice (the Notice), informing the general public of its automated Value Added Tax (VAT) collection system for Branded Shops, Super Stores, General Supermarkets, Standard Restaurants and Eateries, nationwide.

Nigeria's new visa policy

Analysis of the Nigeria Visa Policy (NVP) 2020

President Muhammadu Buhari, on 4 February 2020, officially presented the Nigeria Visa Policy 2020 (NVP 2020 or the Policy) structured to outline the expectations of the Immigration Act 2015 and the Immigration Regulations 2017 with respect to visa administrations in Nigeria.

Dormant companies to regularise their tax status

The Federal Inland Revenue Service (FIRS) on Thursday, 13 February 2020, issued a public notice (the Notice) informing dormant companies to regularise their tax returns by 30 June 2020.