Tax Appeal Tribunal affirms the six-year limitation rule for tax audit assessments
The Tax Appeal Tribunal on 20 January 2020 in the case between Delta Afrik Engineering Nigeria, affirmed the principle of law that a tax authority may not impose back duty assessments for periods beyond the preceding six (6) years unless it is able to establish fraud, willful default, or neglect.
Nigeria’s Finance Bill 2019: key changes and implications
This newsletter gives an overview of the Bill, analyses the key provisions vis-à-vis the changes to the primary taxing legislation and highlights the potential tax implications for stakeholders.
TAT’s judgement on employer’s obligation to remit tax on voluntary pension contribution withdrawals
The key issue for determination, amongst others, was whether the Appellant is obliged to deduct and remit pay-as-you-earn (PAYE) taxes on the voluntary pension contribution (VPC) withdrawals made by its employees before the timeline stipulated in the Pension Reform Act, 2014 (PRA).
Federal Government releases 2019 Fiscal Policy Measures
The Federal Government of Nigeria (FGN) has approved and ordered the implementation of the 2019 Fiscal Policy Measures (FPM), effective 1 July 2019. 2019 FPM replaces 2018 FPM, which had been in force since 27 July 2018.
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.
Court of Appeal affirms educational institutions’ companies income tax obligation
The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT).
Analysis and implications of the Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme
In the quest to improve the infrastructural needs of Nigeria and maximise resources, the President of Nigeria approved the Executive Order 007 (the Order) on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the Scheme).
Analysis and implications of Nigeria’s new Executive Order on Voluntary Declaration of Offshore Assets
The Federal Government of Nigeria (FGN), on 8 October 2018 (Effective Date), issued Executive Order 008 (Order), backing the implementation of the Voluntary Offshore Assets Regularisation Scheme (VOARS or the Scheme).
Cost Contribution Arrangements (“CCAs”)
Managing conflicts between domestic laws and adopted international tax guidelines and best practices in Nigeria The last six years have witnessed significant efforts by Nigeria to align its domestic tax laws and regulations with international initiatives on modernization of its tax principles and enhancement of transparency and disclosure requirements. These efforts included the introduction of Income Tax (Transfer Pricing) Regulations No.1 in August 2012 (“TP Regulations”), which adopted international best practices for determining the arm’s length/market value of transactions between related parties. Nigeria has also been participating in global initiatives aimed at tackling tax evasion and tax revenue leakages.
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.
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