Federal Government approves new policy to boost local production of tomatoes
The Federal Government (“FG”) of Nigeria has developed and approved the implementation of a tomato sector policy (“the Policy”) whose primary aims include – increasing the local production of fresh tomatoes; increasing local production of tomato concentrates and reducing post-harvest losses.
PEBEC releases scorecard on its 60 days action plan to improve ease of doing business in Nigeria
The Presidential Enabling Business Environment Council (PEBEC), has released details of the outcome of the 60 days national action which was initiated to make Nigeria an easier place to do business (see earlier alert).
Taxation of High Net-Worth Individuals: Is this a chase after shadows?
The current economic landscape has forced several State Governments hitherto dependent on Federal Government allocations to look inwards for revenue. Personal Income Tax, especially those payable by high net worth individuals (HNWIs) is gradually attracting the attention of State Internal Revenue Services (SIRS). Against this backdrop, some SIRS are currently deliberating the tax revenue potentials of HNWIs.
NEPC resumes processing of baseline data for reintroduced Export Expansion Grant (EEG) Scheme
The Nigerian Export Promotion Council (NEPC) has resumed processing baseline data for the reintroduced Export Expansion Grant (EEG) scheme. This follows the earlier announcement by the Federal Government (FG) that the scheme would be reintroduced in the 2017 fiscal year.
Nigeria’s new Immigration Regulations 2017
Nigeria’s Minister of Interior launched the new Immigration Regulations 2017 (the Regulation) on 20 March 2017. The objectives of the Regulation is to drive effective implementation of the Immigration Act of 2015 which replaced the Immigration Act of 1963.
The ECOWAS Trade Liberalization Scheme – Myth or Reality?
In 1979, the Heads of State and Governments of the Member States of the Economic Community of West African States (ECOWAS) established the ECOWAS Trade Liberalization Scheme (ETLS) pursuant to the overarching objective of promoting co-operation and integration among the Member States.
Nigeria unveils its Economic Recovery and Growth Plan
President Muhammadu Buhari on 5 April 2017, formally launched the National Economic Recovery and Growth Plan (ERGP) for Nigeria.
Tax Newsletter: No more ₦50 stamp duty on bank deposits- Federal High Court
A Federal High Court (FHC) on 13 March 2017, delivered a judgment on the validity of the circular issued by Central Bank of Nigeria referenced CBN/GEN/DMB/02/006, in the case between Retail Supermarkets Nigeria Limited (AKA Shoprite) and the defendants Citibank Nigeria Limited (Citibank) and Central Bank of Nigeria (CBN).
Inside the New National Tax Policy
A revised National Tax Policy (NTP or the Policy) was approved by the Federal Executive Council (FEC) of Nigeria on 1 February 2017. The approval is an aftermath of the submission made by the NTP Review Committee, set up by the Minister of Finance in August 2016 for the review of the old NTP that was initially issued in 2012. The committee, headed by Prof Abiola Sanni, submitted its report in September 2016.
TAX ALERT: New FHC Judgement Nullifies CBN Circular on Collection of N50 Stamp Duty
A Federal High Court (FHC) sitting in Ikoyi Lagos, on 13 March 2017, nullified the circular issued by Central Bank of Nigeria (CBN), which mandates all deposit money banks and other financial institutions to enforce collection of ₦50 stamp duty on all electronic transfers and teller deposits from ₦1,000 and above.