New VAT rate to become effective 1 February 2020
The Minister of Finance (the Minister) today, 16 January 2020, announced the effective date for implementation of the new VAT rate of 7.5% to be 1 February 2020
Federal Government to announce the future date of implementation of Finance Bill, 2019
In the interim, we understand that the implementation date of the Act would be communicated later by the Federal government to the general public. This became necessary in order to allay the concerns of taxpayers who are yet to sight the Act while being apprehensive that its provisions may have taken effect from 13 January 2020 (i.e. the date the Act was signed by the President.
Deadline for filing of annual employers tax returns (Form H1)
The Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) provides that every employer is statutorily required to submit its employers’ tax returns (Form H1) with the relevant tax authority.
Nigeria’s President signs 2019 Finance bill into law
The Finance Bill, which was passed by the National Assembly in December 2019 and transmitted to the presidency for assent, is expected to change the tax landscape in Nigeria as it contains amendments to the provisions of seven (7) extant tax laws.
Nigeria Tax Landscape maintains Status Quo as Finance Bill 2019 is yet to be enacted
It is in the overall interest of the country that the euphoria that greeted the release of the Finance Bill is sustained with an early passage. This is a much-needed action in view of the drive towards bridging the country’s revenue gap.
Nigeria’s President signs 2020 budget into law
President Muhammadu Buhari has signed the 2020 budget of the Federal Government of Nigeria (the Budget) into law.
Reminder to file Country-By-Country Reporting Notification
The CbCR Regulations include reporting and notification obligations for companies that are members of multinational entities (MNEs) with a group consolidated revenue of at least ₦160,000,000,000 in the preceding accounting year.
Double Tax Treaty (DTT) in Nigeria – FIRS clarifies the rules for claiming treaty benefits
The Federal Inland Revenue Service (FIRS), on 4 December 2019, released a public circular (the Circular) setting out the modalities of claiming DTT benefits by residents and non-residents in Nigeria and outside Nigeria, respectively.
Finance Bill 2019 passes second reading – seeking to change the Nigerian tax landscape
The Finance Bill, 2019 (the Bill), presented alongside the 2020 proposed budget to a joint session of the National Assembly on 8 October 2019 by President Muhammadu Buhari, has passed the second reading. The Bill’s strategic objectives, amongst others, include promoting fiscal equity, reforming domestic tax laws, introducing new tax incentives and raising revenue for the government.