FEC approves new bilateral tax treaty between Nigeria and Singapore
In the bid to facilitate more trade between Nigeria and Singapore, the Federal Executive Council (FEC) on Wednesday, 16 November 2016 approved a bilateral tax treaty between the two countries. A bilateral tax treaty, also known as double tax treaty (DTT), helps to eliminate the double taxation of income arising in either of the countries and paid to residents of the other. Meanwhile, double taxation is the levying of tax more than once on the same declared income, asset or financial transaction, often by two or more jurisdictions.
FIRS introduces cut-over date for tax payments
The Federal Inland Revenue Service (FIRS) is pressing forward with implementation of the Integrated Tax Administration System (iTAS) platform. As part of its operationalization road map, FIRS has introduced a cut-over (transition) date for payment of tax liabilities arising from tax returns filed manually.
TAT provides clarification on VAT and WHT implications of reimbursable expenses
The Tax Appeal Tribunal (TAT), on 2 June 2016, delivered a ruling on the applicability of value added tax (VAT) and withholding tax (WHT) on reimbursable expenses in the case between Brasoil Oil Services Company (Nigeria) Limited (Brasoil or the Company) and Federal Inland Revenue Service (FIRS). Other issues considered in the case include the applicability of WHT on extraterritorial income and the liability of taxpayers to interest and penalties on additional assessments, after validly objecting to FIRS’ assessments and subsequently filing appeal to contest such assessments.
FRC issues National Code of Corporate Governance
The Financial Reporting Council of Nigeria (FRC) has issued National Codes of Corporate Governance (the Code) for the private sector, public sector and not-for-profit organisations in Nigeria. The Code, which is effective from 17 October 2016, was issued by FRC following a Federal High Court ruling that FRC has the powers to issue the Codes.
FIRS grants 45 days amnesty to tax defaulters
The Federal Inland Revenue Service (FIRS) has issued a notice to inform the public of a special window opened for taxpayers to avoid payment of penalty and interest charges on tax due between 2013 and 2015. The major objective of the waiver is to promote voluntary compliance and consequently generate revenue for government which otherwise, could have been lost.
FIRS seals business premises of defaulting companies
The Federal Inland Revenue Service (FIRS) has continued to seal business premises of defaulting tax payers in continuation of its compliance enforcement drive. The tax agency recently sealed business premises of tax payers in Lagos, Ibadan and Port-Harcourt for failure to settle outstanding tax liabilities, covering periods as recent as 2015.
The CFO Report 2016 – West Africa
What challenges are faced by CFOs in West Africa and the rest of Africa? In this report, 349 CFOs from South Africa, Southern Africa, East Africa and West Africa have given their views on the cost of funding, risk factors, cash flow priorities, expansion plans and strategic intent.