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.
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.
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…
President Buhari signs 2018 Appropriation Bill into law
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 the presentation of the 2018 Budget to a joint session of the National Assembly on 7 November 2017.
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.
The Continental Free Trade Agreement: Is no deal the right deal for Nigeria?
On 22 March 2018 in Kigali, Rwanda, Heads of State of forty-four African countries, gathered to sign the African Continental Free Trade Agreement (“AfCFTA” or “the Agreement”), the landmark agreement which amongst others aims to liberalize trade across Africa.
Nigeria announces three-month extension of tax amnesty programme
President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS or the Scheme) by three months. The Scheme which originally lasted for 9 months and expired on 31 March 2018 will now run till 30 June 2018. As the original deadline was premised on an executive order, a fresh executive order will be issued to give legal backing to the new timeline.