Federal Government releases 2016 Fiscal Policy Measures

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.

The US Embassy and Consulate in Nigeria suspends the interview waiver option (dropbox applications)

The United States Mission in Nigeria has announced the immediate suspension of the interview waivers option popularly referred to as the “Dropbox”.

Mergers and acquisitions now under the joint purview of SEC and FCCPC…till further notice

SEC and FCCPC recently issued joint guidance on submission of notifications for proposed mergers, acquisitions and other business combination notifications

FIRS recommends a 63-day timeline for completion of tax audit exercises

The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers.

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.

The informal sector to benefit from the contributory pension scheme

In a bid to strengthen the post-retirement financial capability of all working Nigerians, the National Pension Commission (PenCom) has finalised plans to launch the Micro Pension Plan

National Housing Fund (Establishment) Bill 2018. An improvement over the existing Act?

The National Assembly, on 18 February 2019, passed the National Housing Fund (Establishment) Bill, 2018 (the Bill) into law.

FIRS warns defaulting taxpayers about potential restriction on their bank accounts

Federal Inland Revenue Service (FIRS) has issued a warning to defaulting taxpayers on the impending lien to be imposed on their bank accounts for non-compliance

Deadline for filing of annual employees’ tax returns (Form A)

Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of every year.

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)