Federal Government releases 2018 Fiscal Policy Measures
The Federal Government of Nigeria (FGN) has approved and ordered the implementation of the 2018 Fiscal Policy Measures (2018 FPM), effective 27 July 2018. The 2018 FPM replaces the 2016 FPM which had been in force since 17 October 2016. Approval of the 2018 FPM, was communicated by the Honorable Minister of Finance vide a circular (“the Circular”) dated 5 July 2018.
Federal Government restricts issuance of visa to foreign engineers
President Muhammadu Buhari at a recent event in Abuja, stated that the Federal Government (FG) has commenced restriction of issuance of visa to foreigners seeking to take up engineering roles in Nigeria.
Individuals working on the Nigerian offshore oil-drilling platforms – Who gets the tax?
Nigeria operates a federal system of government. Governing bodies at the centre differ from governing bodies in the sub-units (states). This dichotomy also impacts tax administration, with the Federal Inland Revenue Service (FIRS) overseeing taxation of companies, non-resident individuals etc., and State Boards of Internal Revenue (SBIRs) administering taxation of individuals resident within its territory.
Kano State consumption tax overruled by Federal High Court
By a recent Federal High Court (FHC) ruling, the consumption tax imposed by Kano State Government on goods and services consumed within the state has been nullified. This is in addition to a perpetual injunction granted against the State Government from implementing the tax.
Federal Government reconstitutes the Tax Appeal Tribunal
The Minister of Finance recently announced the reconstitution of the Tax Appeal Tribunal (TAT), with the appointment of commissioners for the tribunals situated in Lagos, Abuja and each of the six geo-political zones.
Federal Ministry of Interior provides further directives on the full-automation process for applications
Following our earlier communication on the decision of the Federal Ministry of Interior (“FMI” or “the Ministry”) to automate the application processes for Business Permit/Expatriate Quota and Place of Worship, the Ministry has now communicated 3 September 2018 as the commencement date for the full online automation.
An overview of Nigeria’s 2018 Income Tax (Country by Country Reporting) Regulations
Background The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Country by Country Reporting) Regulations, 2018 (“CbCR Regulations” or “the Regulations”), which marks yet another significant step by Federal Government of Nigeria in its quest to align the Nigerian tax system with outcomes of ongoing international tax reforms.
Nigeria Immigration Service suspends biometrics enrolment and associated charges for Visa on Arrival
The Nigeria Immigration Service has temporarily suspended the biometrics enrolment process and associated $90 charge for Visa on Arrival (VoA). The suspension only applies to the recently introduced biometrics enrolment aspect of the VoA policy.
FIRS issues Nigeria’s Country-by-Country Reporting Regulations
The Federal Inland Revenue Service (FIRS) in exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, and all other powers enabling it, has issued the Income Tax (Country by Country Reporting) Regulations, 2018 (the CbCR Regulations). The CbCR Regulations take effect from 1 January 2018, and form part of the enhanced tax disclosure requirements set out by Action 13 of the Base Erosion and Profit Shifting (BEPS) project. The Regulations aim at providing tax authorities with improved information to enable them better assess international tax avoidance risks. Under the CbCR Regulations, where the Ultimate Parent Entity (UPE) or a Constituent Entity (CE) of a Multinational Enterprise Group (MNE Group) is tax resident in Nigeria, such Nigerian resident entity will be required to file a Country-by-Country Report (CbC Report) with FIRS for an accounting year where the Group has a…
President Buhari signs 2018 Appropriation Bill into law
President Muhammadu Buhari, on Wednesday, 20 June 2018, signed the 2018 Appropriation Bill of the Federal Government of Nigeria (FGN) into law. The final assent came 7 months after the presentation of the 2018 Budget to a joint session of the National Assembly on 7 November 2017.