Nigeria Tax Authorities seek to deepen tax penetration through automation

The Joint Tax Board (JTB) which is the umbrella body for all State Boards of Internal Revenue (SBIRs) in Nigeria held its 141st meeting on 16 July 2018. The theme of the meeting was ‘Leveraging on ICT for Efficient Tax Administration and Revenue Enhancement: Focusing on State IRS’.

Invest in Nigeria

In 2014, when global commodity prices dropped, Nigeria plunged into economic trouble and in 2016 the country faced its first recession in over two decades. Heeding the call to diversify, the Nigerian government rose to the challenge and started to implement a number of initiatives to not only grow its economy but to protect it from similar commodity downswings in the future.

Federal Ministry of Interior provides further directives on the full-automation process for applications

Following our earlier communication on the decision of the Federal Ministry of Interior (“FMI” or “the Ministry”) to automate the application processes for Business Permit/Expatriate Quota and Place of Worship, the Ministry has now communicated 3 September 2018 as the commencement date for the full online automation.

Vacancies for Experienced Consulting Professionals

Position Title: Energy Sector Advisor/ Environment Specialist Direct Report: PMO/Results Management Lead Programme Description Deloitte is leading a power sector transformation programme which has been established by a development agency to support reform within Nigeria’s power sector.

An overview of Nigeria’s 2018 Income Tax (Country by Country Reporting) Regulations

Background The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Country by Country Reporting) Regulations, 2018 (“CbCR Regulations” or “the Regulations”), which marks yet another significant step by Federal Government of Nigeria in its quest to align the Nigerian tax system with outcomes of ongoing international tax reforms.

Nigeria Immigration Service suspends biometrics enrolment and associated charges for Visa on Arrival

The Nigeria Immigration Service has temporarily suspended the biometrics enrolment process and associated $90 charge for Visa on Arrival (VoA). The suspension only applies to the recently introduced biometrics enrolment aspect of the VoA policy.

Analysis of Federal Government of Nigeria’s 2018 Budget

Introduction President Muhammadu Buhari, on Wednesday 20 June 2018, signed the 2018 Appropriation Bill of the Federal Government of Nigeria (FGN) into law. The final assent came 7 months after presenting the Appropriation Bill to a joint session of the National Assembly on 7 November 2017.

FIRS issues Nigeria’s Country-by-Country Reporting Regulations

The Federal Inland Revenue Service (FIRS) in exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, and all other powers enabling it, has issued the Income Tax (Country by Country Reporting) Regulations, 2018 (the CbCR Regulations). The CbCR Regulations take effect from 1 January 2018, and form part of the enhanced tax disclosure requirements set out by Action 13 of the Base Erosion and Profit Shifting (BEPS) project. The Regulations aim at providing tax authorities with improved information to enable them better assess international tax avoidance risks. Under the CbCR Regulations, where the Ultimate Parent Entity (UPE) or a Constituent Entity (CE) of a Multinational Enterprise Group (MNE Group) is tax resident in Nigeria, such Nigerian resident entity will be required to file a Country-by-Country Report (CbC Report) with FIRS for an accounting year where the Group has a…

Guide to Fiscal Information – Key Economies in Africa 2018

The latest publication of the Guide to Fiscal Information – Key Economies in Africa 2018 is now available to download. 

FEC approves Executive Orders on VAT and Excise Duties alongside five Amendment Bills

In a show of commitment towards reducing the tax burden and improving the ease of doing business for taxpayers, the Federal Executive Council (FEC or the Council) has approved two Executive Orders and five Amendment Bills touching on key provisions in the Nigerian tax and regulatory legislation. This communication was released by the Minister of Finance, Mrs. Kemi Adeosun, after the Council meeting on Wednesday, 6 June 2018.