Nigeria rolls out additional fiscal measures to stimulate the economy in response to the impact of COVID-19 and decline in oil price

Nigeria rolls out additional fiscal measures to stimulate the economy in response to the impact of COVID-19 and decline in oil price

Nigeria’s Minister of Finance, Budget and National Planning (‘the Minster’) on 6 April 2020, issued a press statement, to communicate a Fiscal Stimulus Package to address the economic challenges created by COVID-19 (The Pandemic) and the slump in crude oil prices.

COVID-19: Nigeria rolls out various regulatory and fiscal measures to provide relief

COVID-19: Nigeria rolls out various regulatory and fiscal measures to provide relief

This newsletter examines the various measures put in place in Nigeria to contain the spread of COVID-19 and also alleviate the impact of the Pandemic.

COVID-19: House of representatives pass Emergency Economic Stimulus Bill 2020

In a bid to alleviate the adverse financial impact of the COVID-19 Pandemic on individuals and organizations in Nigeria, the House of Representatives recently passed the Emergency Economic Stimulus Bill 2020.

Federal Government of Nigeria announces further measures to curb the spread of Covid-19

In furtherance of the efforts to curtail the wanton spread of the novel Coronavirus (COVID- 19 or the virus), the Federal Government of Nigeria (FGN) recently announced the following additional measures meant to last for four weeks, subject to further review

FIRS launches business continuity plan in response to Coronavirus pandemic

With the global outbreak of the novel Coronavirus (COVID- 19 or the Pandemic), Federal Inland Revenue Service (FIRS) has released a public notice (the Notice), informing the general public of the launch of its “business continuity plan”.

Implementing IFRS 19 (Leases) – What are the tax implications?

Implementing IFRS 16 (Leases) – What are the tax implications?

The International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) 16 on leases, which became operational in January 2019. IFRS 16 was issued to replace International Accounting Standard (IAS) 17 on leases.

LIRS extends deadline for filing 2019 individual income tax returns (Form A)

Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) informing all taxable individuals resident in Lagos State of the extension of the deadline for filing individual income tax returns for 2019, from 31 March 2020 to 31 May 2020.

Outlook and impact of changes in Nigeria taxation landscape for 2020

Outlook and impact of changes in Nigeria taxation landscape for 2020

There are fundamental changes in Nigeria’s tax landscape with far-reaching impact on the economy and business performance in 2020 and beyond.

Federal Government of Nigeria announces suspension of Visa on Arrival

Federal Government of Nigeria announces suspension of Visa on Arrival

As a result of the recent COVID-19 outbreak, the Federal Government has announced the suspension of Visa on Arrival and entry restriction to travellers from 13 countries.

FIRS automates VAT filing and collection system, for certain businesses

The Federal Inland Revenue Service (FIRS) recently issued a Public Notice (the Notice), informing the general public of its automated Value Added Tax (VAT) collection system for Branded Shops, Super Stores, General Supermarkets, Standard Restaurants and Eateries, nationwide.