Acting President Osibanjo signs executive order backing implementation of VAIDS
The Acting President, Prof. Yemi Osinbajo on 29 June 2017 signed an Executive Order backing the implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS), which will take effect from 1 July 2017 and last till 31 March 2018. The scheme will be jointly executed by the Federal and State Governments and will cover both corporate and individual taxpayers.
National Lottery Regulatory Commission issues notice on requirement to regularize operations
The National Lottery Regulatory Commission (NLRC or the Lottery Commission) on 21 June 2017; in furtherance of its mandate under the National Lottery Act (NLA), issued a general notice mandating companies conducting sports betting activities in Nigeria to regularize their operations with the Commission on or before 21 July, 2017 or face prosecution.
NECA holds meeting to chart way forward on the abuse of pioneer status
The National Employers’ Consultative Association (NECA) recently invited its members to a meeting to discuss the recent investigative activities of the National Assembly on organised businesses in Nigeria and to take a position on a way forward in this regard.
PenCom issues reminder on requirement for annual certificate of compliance
The National Pension Commission (PenCom) has issued a general notice to remind employers who wish to bid or solicit for contract or business from any Federal Government Ministries Departments and Agencies (MDA), of the requirement to provide proof of compliance with the provisions of the Pension Reform Act, 2014 (PRA 2014). The notice states that only Pension Clearance Certificate (PCC) issued by PenCom will serve as proof of compliance with the provisions of PRA 2014.
FIRS issues public notice on revised interest rate for unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice announcing the approved penalty and interest rates to be applied as sanctions on all unpaid tax amounts.
FIRS introduces six electronic tax services
The Federal Inland Revenue Service (FIRS) has announced the introduction of six (6) new electronic tax services (e-services). The available e-services are: • e-Registration: for registration of new taxpayers with FIRS for the various taxes • e-Stamp Duty: for payment of stamp duties on qualifying documents • e-TaxPayment: for payment of all Federal Government taxes and levies through any of the following platforms – Nigeria Inter-Bank Settlement System (NIBSS), Remita and Interswitch • e-Receipt: for receiving and verifying e-receipts generated for taxes paid through the new e-TaxPayment • e-Filing: enables taxpayers file their tax returns through the FIRS’ Integrated Tax Administration System (ITAS) • e-TCC: this platform will enable taxpayers apply for, receive and verify authenticity of their electronic tax clearance certificates (e-TCC) The initiatives underscore the efforts of FIRS towards ensuring that key tax processes are automated in order to improve transparency, ease and speed of tax administration; for…
Regulatory Alert: Nigeria’s Business Climate and Ease of Doing Business Initiatives
Nigeria is viewed by many as a country with enormous opportunities and business potentials. The sheer size of the country’s population, human and natural resources as well as its diverse culture place the country in a class of potentially great nations. It is, therefore, a sad narrative when the challenges faced by businesses and entrepreneurs are considered. According to the World Bank Doing Business Report 2017, Nigeria is ranked 169 among 190 economies in the ease of doing business.
FG introduces new interest rate regime for outstanding tax payments
In its renewed bid to minimise tax evasion, deter non-compliance and promote voluntary compliance, the Federal Government of Nigeria has announced a new interest rate regime for unpaid taxes.
Voluntary Pension Contribution – Arresting the tax leakage from withdrawals?
The Pension Reform Act 2014 (“PRA” or “the Act”) and the repealed Pension Reform Act 2004 played a great role in ensuring employers and the employees in Nigeria save for employees’ retirement.
Regulatory Alert: National Assembly Investigates Abuse of Pioneer Status
The House of Representatives, in exercise of its powers under the Nigerian Constitution, has set up an ad-hoc committee (the Committee) to investigate perceived abuse of pioneer status tax incentive by companies operating in Nigeria.