Inside the New National Tax Policy
A revised National Tax Policy (NTP or the Policy) was approved by the Federal Executive Council (FEC) of Nigeria on 1 February 2017. The approval is an aftermath of the submission made by the NTP Review Committee, set up by the Minister of Finance in August 2016 for the review of the old NTP that was initially issued in 2012. The committee, headed by Prof Abiola Sanni, submitted its report in September 2016.
Implications of Nigeria’s Draft Petroleum Fiscal Policy
As part of efforts towards reforming the oil and gas industry, the Ministry of Petroleum Resources (MPR) recently released the Draft National Petroleum Fiscal Policy.
The new digital divide
The future of digital influence in retail Today there is almost universal recognition among retailers that digital has reshaped customer behaviour and shopping forever. Deloitte’s New digital divide report, deepens our exploration of the growing gap between the digital experiences that brick-and-mortar retailers are delivering and the experiences that their customers actually want
TAX ALERT: New FHC Judgement Nullifies CBN Circular on Collection of N50 Stamp Duty
A Federal High Court (FHC) sitting in Ikoyi Lagos, on 13 March 2017, nullified the circular issued by Central Bank of Nigeria (CBN), which mandates all deposit money banks and other financial institutions to enforce collection of ₦50 stamp duty on all electronic transfers and teller deposits from ₦1,000 and above.
NSITF and NECA Agreement: What Implications for Non-NECA Members?
The might of a nation is expressed in the social security and welfare of its people. This was aptly put by Abraham Lincoln in his saying that “the purpose of government is to do for a community of people whatever they need to have done but cannot do at all or cannot do so well for themselves in their separate and individual capacities.” This underpins the provision of Chapter II of the 1999 Constitution of the Federal Republic of Nigeria, which provides that the security and welfare of the people shall be the primary purpose of government.
TAX ALERT: Nigeria considers new tax amnesty framework through VAIDS
In a bid to grow Nigeria’s tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, a Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented. The National Executive Council (NEC) has granted approval-in-principle for this new scheme subject to finalization of the broader framework. The primary objective of VAIDS is to encourage voluntary declaration of undisclosed income and assets with consequential payment of applicable tax liabilities over a defined period. It is expected that this window offered to those who have not complied with extant tax regulations, will simultaneously generate revenue and encourage investment and economic activity. An estimated revenue of US$1 billion is projected from the scheme. Key highlights of VAIDS include: Commencement date: the scheme is expected to kick off from 1 May 2017 with incentives put in place to encourage early participation. Taxes covered: all taxes…
Regulatory Alert: Reform Intervention to Improve Ease of Doing Business in Nigeria
The Enabling Business Environment Secretariat (EBES), under the aegis of the Presidential Enabling Business Environment Council (PEBEC), recently organized a stakeholders meeting to sensitize the public on ongoing economic reforms. This follows the set-up of PEBEC by President Muhammad Buhari with the mandate of making Nigeria an easier place to do business.
Global risk management survey
Heightened uncertainty signals new challenges ahead In the years since the global financial crisis, financial institutions have had more time to understand the practical implications of these new regulations and what is required to comply.
Deloitte Cybersecurity bulletin
SECURITY INTELLIGENCE Staying safe on social networking sites To stay safer online, US-CERT has published ST06-003 on staying safe on social networking sites. Using information that you provide about your location, hobbies, interests, and friends, a malicious person could impersonate a trusted friend or convince you that they have the authority to access other personal or financial data. Source: us-cert.gov
Accounting for VAT in Nigeria – Cash or Accrual basis?
The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is levied at each stage of the production chain at 5% of the value of the taxable good or service supplied, but it is eventually borne by the final consumer, being a consumption tax.