Tax Appeal Tribunal clarifies contentious issue on the taxability of gratuity

On 20 June 2019, the Tax Appeal Tribunal (TAT), in the case between Nigeria Breweries Plc (Appellant) and Abia State Board of Internal Revenue Service (Respondent), ruled that gratuity is not liable to personal income tax.

Tax Appeal Tribunal relieves employers of tax obligation on voluntary pension contribution

The obligation to account for taxes due on withdrawal of voluntary pension contributions was made clearer in the judgement delivered yesterday by the Tax Appeal Tribunal on a case between Nexen Petroleum Nigeria Limited and Lagos State Internal Revenue Service

LIRS to introduce unique biometrics-based identifier for taxpayers

LIRS to introduce unique biometrics-based identifier for taxpayers

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) on its intention to integrate the LASG-EBS Taxpayer Identification Digit (PID) module into the National Tax Identification Number (TIN) system with the Joint Tax Board (JTB). The TIN module is biometrics-based, with the aim of ensuring identity uniqueness for taxpayers.

2019 Federal Budget Signed into law

Federal Government of Nigeria’s 2019 Budget signed into law

President Muhammadu Buhari has signed the 2019 budget of the Federal Government of Nigeria into law. The Budget, which was signed on Monday, 27 May 2019, puts total spending for 2019 at ₦8.92 trillion.

Federal Government releases 2016 Fiscal Policy Measures

Federal Executive Council approves new import levy

The Federal Executive Council (FEC) has approved a new 0.2% import levy on eligible imports from African Union (AU) Member States.

The US Embassy and Consulate in Nigeria suspends the interview waiver option (dropbox applications)

The United States Mission in Nigeria has announced the immediate suspension of the interview waivers option popularly referred to as the “Dropbox”.

Mergers and acquisitions now under the joint purview of SEC and FCCPC…till further notice

SEC and FCCPC recently issued joint guidance on submission of notifications for proposed mergers, acquisitions and other business combination notifications

FIRS recommends a 63-day timeline for completion of tax audit exercises

The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers.

Nigeria’s President declines assent to National Housing Fund Bill, 2018

President Muhammadu Buhari has declined assent to the National Housing Fund (NHF) Bill, 2018 (the Bill) which was recently passed by the National Assembly.

The informal sector to benefit from the contributory pension scheme

In a bid to strengthen the post-retirement financial capability of all working Nigerians, the National Pension Commission (PenCom) has finalised plans to launch the Micro Pension Plan