Federal Government launches new international passport with 10 years validity
The Federal Government of Nigeria on Tuesday, 15 January 2019, unveiled the new Nigeria international passport with a 10-year validity.
RIRS launches electronic platform for taxpayers to manage their tax affairs
In keeping with the recent drive by revenue authorities to automate their processes, the Rivers State Internal Revenue Service (RIRS) has deployed the Rivers State Tax Management Information System (RIVTAMIS).
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.
LIRS launches e-filing portal for submission of employers’ tax returns (Form H1)
Statutorily, under the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended), every employer is under obligation to file employers’ tax returns (Form H1) with the relevant tax authority of all emoluments paid to its employees in the preceding year. The timeline is not later than 31 January of every year.
Review of Combined Expatriate Residence Permit and Aliens Card fees
The Federal Ministry of Interior (FMI) recently confirmed approval by the Honourable Minister of Interior (the Minister) for the upward review of the Combined Expatriate Residence Permit and Aliens Card (CERPAC) fees from $1,000 to $2,000 per annum. The Minister also added that there would not be a further review of the CERPAC fees until three years after the implementation of the new fee. Further, it is expected that the review will not affect missionaries/student CERPAC fees. The review had already taken effect in December 2018 and branches of the only commercial bank designated to sell the forms are adhering strictly to the new price.
LIRS issues public notice appointing payers of capital sum as agents for collection of capital gains tax
Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as Capital Gains Tax (CGT) collection agents, through a public notice, effective from 1 January 2019. LIRS specifically mentioned that employers are obliged to withhold CGT from amounts payable/paid to exited employees, as compensation for loss of employment, and remit same.
Federal Government of Nigeria’s 2019 Budget of Continuity
President Muhammadu Buhari provided a sneak peek into Nigeria’s fiscal direction for 2019 on Wednesday, 19 December 2018, as he presented the 2019 Budget of the Federal Government of Nigeria (FGN) to the joint session of the National Assembly. The FGN’s 2019 Budget is intended to continue Nigeria’s quest for inclusive growth, economic diversification and sustainable development.
Taxing Nigeria’s Fledgling Economy: Between Tax Penetration and Economic Recovery
Nigeria has rolled out another tax amnesty scheme. Backed by Presidential Executive Order No 8 signed on 8 October 2018, Voluntary Offshore Assets Regularization Scheme (VOARS) became the latest effort at combating money laundering and tax evasion.
Nigeria Government releases Official Gazette on list of pioneer industries and products
The Nigerian Investment Promotion Commission (NIPC) recently announced the release of an official gazette (the Gazette) of the list of pioneer industries and products. Although the Gazette was released in November 2018, it became effective in August 2017.
World Bank Doing Business Report 2019 : Nigeria records mixed fortunes
The World Bank Group (World Bank) on Wednesday, 31 October 2018, published it’s 2019 Doing Business Report (the Report). This latest report sees Nigeria ranking 146 out of 190 countries on the ease of doing business index, a drop by one place from 2018 ranking of 145.