FG grants 27 new industries eligibility for pioneer tax incentive
The Federal Executive Council (FEC) of Nigeria has approved a new list of industries and products that could benefit from tax exemption available under the pioneer incentive scheme. Companies and products granted pioneer incentives enjoy three-year tax holiday which may be extended to five years subject to meeting required conditions.
Nigeria signs double tax agreement with Singapore
Pursuant to the approval given by the Federal Executive Council in 2016, the Federal Government of Nigeria signed a double taxation treaty (DTT) with the government of Singapore on Wednesday, 2 August 2017. The DTT is aimed at eliminating or providing relief for double taxation on income of companies and individuals that are resident in either country.
VAIDS: SEC moves to enforce compliance by CMO
The Securities and Exchange Commission (SEC or the Commission) on 25 July 2017, issued a general circular mandating Capital Market Operators (CMO) and Public Limited Companies (PLC) to ensure that they regularize their tax status under the Voluntary Assets and Income Declaration Scheme (VAIDS) recently signed by the Acting President – Professor Yemi Osinbajo.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (2)?
In our last edition of InsideTax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue. We also highlighted some ways through which tax evasion occurs in Nigeria.
LIRS issues notices to employers to submit mid-year tax returns
The Lagos State Internal Revenue Service (LIRS) recently commenced issuance of notices to employers requesting submission of mid-year salary projections for employees in respect of 2017 tax year. LIRS cited reliance on Section 46 of Personal Income Tax Act, LFN Cap P8 of 2004, as amended, which grants it the power to call for further returns.
The OECD releases 2017 Revised Transfer Pricing Guidelines
The Organisation for Economic Cooperation and Development (OECD), on 10 July 2017, released the revised edition of the Transfer Pricing (TP) Guidelines for Multinational Enterprises and Tax Administrations.
The Voluntary Asset and Income Declaration Scheme (VAIDS) boat sets afloat
Nigeria’s Acting President, Prof. Yemi Osinbajo, signed a new Executive Order that provides legal backing to a new tax amnesty regime in Nigeria on Thursday, 29 June 2017. VAIDS offers Nigerian taxpayers (individuals and corporate organisations) who have not been compliant with their tax obligations to regularise their tax affairs by providing a soft-landing, which includes a waiver of penalties and interest as well as immunity from tax audit and prosecution. It also provides protection of confidential information.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD?
Benjamin Franklin was apt when he said “In this world nothing can be said to be certain, except death and taxes ”. Centuries after that famous quote by the one-time American President, taxation remains a certain and consistent source of revenue for governments, albeit to varying degrees of reliance.
FIRS invites stakeholders to engagement meeting
The Federal Inland Revenue Service (FIRS) has invited stakeholders to an engagement meeting to discuss tax processes and measures that can be taken towards ensuring that tax compliance process is easier and more convenient for taxpayers.
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.