PENCOM issues guidelines on withdrawals from voluntary contributions

The National Pension Commission (PENCOM) on 16 November 2017 issued a Circular to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) communicating new guidelines on withdrawals from voluntary pension contributions (VC). The new guideline, effective 1 December 2017, mandates compliance with the procedures by all licensed PFAs/PFCs or face sanctions from PENCOM.

NIPC launches compendium of investment incentives in Nigeria

Nigeria Investment Promotion Commission (NIPC) in collaboration with Federal Inland Revenue Service (FIRS), on Friday, 3 November 2017, published the first edition of the Compendium of Investment Incentives in Nigeria (the Compendium).

The latest business competitiveness ranking: How close is Nigeria to the Promised Land?

It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 169, and exceeded the short term target of 20-place movement. According to the Report, Nigeria, alongside El Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti are the top 10 most improved countries on the ease of doing business index.

FEC Approves Revised National Tax Policy

FG introduces infrastructure tax credit scheme through Road Trust Fund

The Federal Executive Council at its meeting on Thursday, 26 October 2017, approved the establishment of Road Trust Fund (RTF or the Scheme). RTF is conceptualized as a public private partnership (PPP) initiative by Federal Ministry of Finance (FMF) and Federal Ministry of Power, Works and Housing (FMPWH). The aim is to incentivize private sector participation in development of Federal road infrastructure through a tax credit scheme.

Fiscal opportunities of a restructured sports sector: Football as pilot (3)

There is a simple question that the Football Association in Nigeria must answer.  It is that, “does Nigeria operate a league system that makes a football clubside self-sustaining and ultimately, profitable?”[1] 

Vacancies for entry-level and experienced tax professionals

Role: Tax Associate Business Unit: Tax and Regulatory Services Location: Abuja, Lagos and Port-Harcourt Main Purpose of the Job Tax Associate role provides opportunity for young and vibrant individuals desirous of building a career in professional tax services to be mentored in realizing their dream. Successful candidates will join a team of tax experts to render professional tax services to multinational companies and other strategic clients.

Nigeria unveils its MTEF and Fiscal Strategy Paper 2018 – 2020

The Federal Government of Nigeria (FGN) has released the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2018 to 2020 fiscal years.

Lagos State Internal Revenue Service’s public notices on taxation – examining the impact on taxpayers

The Lagos State Internal Revenue Service (LIRS) has issued eleven (11) public notices in various national newspapers since August 2017. The notices are aimed at providing clarity to taxpayers on LIRS’ interpretations of provisions of the Personal Income Tax Act, as amended (PITA) on specific issues and the level of tax compliance required of every employer and employee in Lagos State.

Fiscal opportunities of a restructured sports sector: Football as pilot (1)

In today’s world, the reality is that sports is a business.  Perhaps this is why there is always that distinction between those who pursue a particular sporting activity as hobbies or means of relaxation from those who derive their livelihood from same platform.

LIRS issues public notice on treatment of savings element on insurance premium

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) to clarify the treatment of savings element on insurance premium.