World Bank ease of doing business report 2020: Nigeria remains top improver
The World Bank Group (World Bank) on Thursday, 24 October 2019, published its 2020 Doing Business Report (the Report). This latest report sees Nigeria ranking 131 out of 190 countries on the ease of doing business index, an upward movement by 15 places from 2019 ranking of 146.
Analysis of the Federal Government’s 2020 Budget Proposal
On Tuesday, 8 October 2019, President Muhammadu Buhari presented the proposed 2020 budget of the Federal Government of Nigeria to the joint session of the National Assembly (NASS), wherein he also itemised the policy thrust of FGN.
Companies in Nigeria to pay Police Trust Fund Levy of 0.005% of net profits
The Federal Government of Nigeria (FGN), recently made public the Nigeria Police Trust Fund (Establishment) Act, 2019 (The Act), which was signed into law on 24 June 2019 and will be in force for period of six years.
Nigeria to sign agreement establishing the African Continental Free Trade Area
The Federal Government of Nigeria has indicated its intent to sign the agreement establishing the African Continental Free Trade Area (AfCFTA) at the 12th Extraordinary Summit of the African Union slated for 7 July 2019.
Federal Government of Nigeria’s 2019 Budget signed into law
President Muhammadu Buhari has signed the 2019 budget of the Federal Government of Nigeria into law. The Budget, which was signed on Monday, 27 May 2019, puts total spending for 2019 at ₦8.92 trillion.
Federal Executive Council approves new import levy
The Federal Executive Council (FEC) has approved a new 0.2% import levy on eligible imports from African Union (AU) Member States.
Nigeria’s President declines assent to National Housing Fund Bill, 2018
President Muhammadu Buhari has declined assent to the National Housing Fund (NHF) Bill, 2018 (the Bill) which was recently passed by the National Assembly.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)
Nigeria issues Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme
The Order enables private companies to build federal roads in Nigeria and be rewarded with tax credits in return
Deadline for filing of annual employers tax returns (Form H1)
Under the Personal Income Tax Act, every employer is statutorily required to submit employers’ tax returns (Form H1) with the relevant tax authority of all emoluments paid to its employees in the preceding year.