Public Sector Insights: Reinventing the public sector landscape
It is said that no government can build credibility if it downplays the need to internalise efficient and effective mechanisms in steering the wheel of governance. Hence, it is the duty of government, public policy makers and other key stakeholders within the government landscape to stay focused on maximizing the gains of governance to the citizenry through transparency and efficiency in the governance process.
Regulatory Alert: Nigeria’s Business Climate and Ease of Doing Business Initiatives
Nigeria is viewed by many as a country with enormous opportunities and business potentials. The sheer size of the country’s population, human and natural resources as well as its diverse culture place the country in a class of potentially great nations. It is, therefore, a sad narrative when the challenges faced by businesses and entrepreneurs are considered. According to the World Bank Doing Business Report 2017, Nigeria is ranked 169 among 190 economies in the ease of doing business.
Sustainable Banking as a Driver for Growth: A Survey of Nigerian Banks
Financial services regulators in Nigeria increasingly see sustainable banking as an avenue to promote the sustainable development of the nation. As such, key regulators have established and continue to improve frameworks, guidelines and regulations mandating banking institutions to implement sustainability in their business operations and activities.
Nigeria’s Senate passes the Petroleum Industry Governance Bill
Nigeria’s Senate, during its plenary session on 25 May 2017, passed the Petroleum Industry Governance Bill (“PIGB” or “the Bill”) following the recommendation of the Joint Committee of the National Assembly on Petroleum (upstream, downstream and gas).
Voluntary Pension Contribution – Arresting the tax leakage from withdrawals?
The Pension Reform Act 2014 (“PRA” or “the Act”) and the repealed Pension Reform Act 2004 played a great role in ensuring employers and the employees in Nigeria save for employees’ retirement.
Regulatory Alert: National Assembly Investigates Abuse of Pioneer Status
The House of Representatives, in exercise of its powers under the Nigerian Constitution, has set up an ad-hoc committee (the Committee) to investigate perceived abuse of pioneer status tax incentive by companies operating in Nigeria.
Guidance with Ransomware attack (WannaCry)
One of the worst global cyberattack started on Friday, 12th of May 2017, and has affected more than 200,000 system in more than 150 countries across the globe. The attack is a ransomware (a malicious program that encrypts data on a system and demands for a ransom before the files are decrypted) variant which exploits Windows systems with an earlier reported vulnerability listed in one of Microsoft’s security bulletin, MS17-10. The ransomware dubbed “WannaCry” requests a ransom of USD 300 to obtain the decryption key. The European and America continent have been the worst hit by the ransomware, but lately, there have indications of infections within Nigeria especially around Lagos and Abuja, and more systems are getting infected by the minute. There have been efforts to takedown the attack but there have also been reports that a new variant of the ransomware has been developed to evade the current takedown…
Taxation of entertainers and sportsmen in Nigeria – What, how and where?
It is trite that around the world, entertainers and sportsmen are some of the highest paid individuals. Their sources of income are vast, ranging from performance and appearance fees to endorsement deals, royalties from image rights, tournament participation fees, etc. These incomes are often earned in multiple jurisdictions, which can potentially make accounting for appropriate taxes complicated. It is thus no surprise that many advanced economies have special tax regimes for such individuals, both resident and non-resident, to ensure that no potential tax revenue is permitted to escape assessment and collection.
Guide to Fiscal Information – Key Economies in Africa 2017
The latest publication of the Guide to Fiscal Information – Key Economies in Africa 2017 is now available to download. This publication contains an overview of the tax and investment environment of key economies in Africa.
Public Private Partnership (PPP) as an anchor for diversifying the Nigeria economy
Lagos Container Terminals Concession as a Case Study Across Africa, the Public Private Partnership (PPP) model has become increasingly critical as both a funding and operational mechanism for social (e.g. hospitals and schools) and economic infrastructures such as ports, railways, roads and airports. The public partner is typically represented by the government at a national, state, or local agency level. The private partner can be a privately-owned business or consortium of businesses with a specific area of expertise.