Accounting for VAT in Nigeria – Cash or Accrual basis?
The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is levied at each stage of the production chain at 5% of the value of the taxable good or service supplied, but it is eventually borne by the final consumer, being a consumption tax.
Increasing tax revenue: Is a new approach required?
The importance of taxation to a nation’s economic wealth and development cannot be overemphasised. However, the achievement of this goal is often undermined by tax evasion and deliberate attempts by multinationals to shift profits from one jurisdiction to another, amongst others.
Ministry of Petroleum Resources Releases Draft National Petroleum Fiscal Policy
The Ministry of Petroleum Resources has released a draft fiscal policy for Nigeria’s petroleum industry. This is a fall out of the Ministry’s roadmap tagged “7 Big Wins” for the petroleum industry which was launched last year (Deloitte Tax Alert – FG launches new roadmap for Oil and Gas Sector).
Taxation of Insurance Business – Restating the case for legislative review
One of the major objectives of the National Tax Policy (NTP) is to ensure fairness and equity, in order to imbibe a tax culture where taxpayers are regarded as the custodians of our commonwealth and enhance the Nigerian business environment. With such laudable goals, the question begs to be answered, why the reality on ground is quite different from Nigeria’s prime policy document on tax. This may be due in part to an apparent disconnect between the NTP, our current tax laws and tax administration in Nigeria.
Tax deductibility of expenses incurred outside Nigeria: Are days of arbitrary awards over?
The increased pace of globalisation has not left Nigeria and Nigerian companies out. Consequently, Nigerian companies are increasingly involved in business activities abroad in order to remain competitive in today’s business environment. This means that companies in Nigeria earn income and/or incur costs outside Nigeria.
FEC Approves Revised National Tax Policy
The Federal Executive Council (FEC) on Wednesday, 1 February 2017, approved the revised National Tax Policy (NTP). The approval is an aftermath of the submissions made by the NTP Review Committee set up by the Minister of Finance in August 2016.
Nigeria ratifies the Trade Facilitation Agreement
Nigeria has ratified the Trade Facilitation Agreement (TFA), becoming the 107th country to sign up to the agreement.
Tax Alert: Taxpayers to validate official email address with FIRS
Federal Inland Revenue Service (FIRS) has issued a public notice requesting taxpayers to validate their official email addresses in FIRS’ records. The validation process is expected to commence with immediate effect.
Directors’ Alert 2017 – Courage under fire: Embracing disruption
Disruption is a topic everyone is talking about. While many organizations fear it, others realize the many opportunities that disruptive technologies, processes, and social norms present. But with every opportunity comes an element of risk – not every disruption will positively impact your enterprise.
FG Releases 2016 Fiscal Policy Measures
The Federal Government of Nigeria has approved and ordered the immediate implementation of the 2016 fiscal policy measures (FPM).