Submission of Annual Year-End (31/12/2020) Network/Subscriber Information
The 2020 Annual Year-End Network/Subscriber information returns are due for submission to the Nigerian Communications Commission (NCC) on 15 January 2021
Finance Act 2020: Key changes and implications
President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 (“the Act”) alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria’s commitment to enact fiscal policy annually, alongside the passage of the annual budget into law (i.e. enactment of Appropriation Act) and aligns with global best practice.
The African Continental Free Trade Area: The dawn of a new era
After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has officially commenced.
In what started years ago as a bold and, an unrealistic aspiration, the AfCFTA has morphed into a striking reality. Africa has created a working fifty-four member state1 free trade agreement, the largest since the creation of the one hundred and sixty-four member state World Trade Organisation.
President Buhari signs Nigeria’s 2021 Appropriation Bill (Budget) into law
President Muhammadu Buhari signed the 2021 Appropriation Bill (i.e. the Budget) of the Federal Government of Nigeria (FGN) into law today, Thursday, 31 December 2020. The revised budgeted expenditure is ₦13.59 trillion, 4% (₦505billion) higher than the ₦13.08 trillion budgeted expenditure which the President presented to the National Assembly (NASS) in October 2020.
Federal Government of Nigeria reviews provisional protocol for travellers arriving from the United Kingdom and South Africa
The Federal Government of Nigeria (FGN) has released a revised quarantine protocol (the Protocol) with a special focus on travellers arriving from the United Kingdom and South Africa
Federal Government of Nigeria temporarily suspends granting of Free Zone Licenses
The Federal Government of Nigeria (FGN), through the Federal Ministry of Industry Trade and Investment, has suspended the processing of Free Trade Zone (FTZ) licenses and inaugurated a Panel to evaluate the performance of FTZs in Nigeria.
Post-COVID-19: Impact on cross-border employees, its imperatives and tax dynamics
The COVID-19 Pandemic is not just a global public health crisis, it has also severely affected the global economy and financial markets, disrupting lives, communities, governments and businesses at large. For instance, governments and businesses have adjusted their outlook for 2020, with many taking aggressive measures to stay afloat. Despite the efforts, many businesses were unable to survive.
Tax Appeal Tribunal provides criteria for WHT exemption on ‘Sales in the Ordinary Course of Business’
The Tax Appeal Tribunal (TAT) on 1 December 2020, in the case between Tetra Pak and the Federal Inland Revenue Service (FIRS), ruled that the sale of packaging materials, spare parts and equipment by the Company is in the ordinary course of its business and hence not liable to Withholding Tax (WHT).
FCCPC releases Merger Review Regulations 2020
The Federal Competition and Consumer Protection Commission (FCCPC or the Commission), pursuant to its powers under Sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act, has issued its Merger Review Regulations 2020 (the Regulations).
CBN clarifies that ‘Form M’ may be processed for purchases made through third-party agents
CBN has issued a circular to clarify the meaning of the term ‘ultimate supplier’, which was used in a recent circular directing Authorised Banks to discontinue the process of opening Forms M for Nigerian importers if payments are routed through buying companies.