CBN clarifies that ‘Form M’ may be processed for purchases made through third party agents

CBN clarifies that ‘Form M’ may be processed for purchases made through third-party agents

CBN has issued a circular to clarify the meaning of the term ‘ultimate supplier’, which was used in a recent circular directing Authorised Banks to discontinue the process of opening Forms M for Nigerian importers if payments are routed through buying companies.

Petroleum Industry Bill 2020 – What has changed?

President Muhammadu Buhari on 28 September 2020 presented the Petroleum Industry Bill 2020 to the National Assembly for consideration. The Bill aims to strengthen the governing institutions, establish a strong regulatory and fiscal framework, ensure transparency and accountability, promote exploration & exploitation of oil resources and foster sustainable development in Nigeria’s oil and gas industry.

Transfer Pricing Audits: The need for taxpayers to proactively prepare

The Federal Government of Nigeria has recently intensified efforts to shore up non-oil revenue in a bid to ease budgetary pressures. Non-oil tax revenue seems to be one of the “low-hanging fruits” and consequently, the Federal Inland Revenue Service (FIRS) has a mandate to explore options available to optimise tax revenue (under its administration), with a key focus on Transfer Pricing (TP).

Finance Bill 2021: Stakeholders Engagement Begins

Finance Bill 2020: Stakeholders Engagement Begins

The Federal Ministry of Finance, Budget and National Planning has released the draft version of the 2020 Finance Bill to the public for consultation. This affirms the Federal Government of Nigeria’s commitment to enact Finance Acts annually, alongside the passage of the budget into law.

Readiness for 2020 financial year reporting

Readiness for the 2020 financial year reporting

The year 2020 has been a unique and dynamic one for most businesses across the globe. Many businesses have responded to the global pandemic by making significant changes to their business operations, financial systems, governance structures etc. These changes have financial reporting implications that must now be carefully reflected in the 2020 financial reports.

FIRS grants further tax palliatives in view of recent business disruptions

FIRS grants further tax palliatives in view of recent business disruptions

Following the disruption to businesses which followed the recent protest across Nigeria, the Federal Inland Revenue Service (FIRS) has issued a public notice (the Notice) granting an additional window for obtaining a waiver of interest and penalty on outstanding tax liabilities resulting from tax desk reviews, audit and/or investigations and self-assessments from 4 November to 31 December 2020

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