New VAT rate to become effective 1 February 2020
The Minister of Finance (the Minister) today, 16 January 2020, announced the effective date for implementation of the new VAT rate of 7.5% to be 1 February 2020
Companies in Nigeria to pay Police Trust Fund Levy of 0.005% of net profits
The Federal Government of Nigeria (FGN), recently made public the Nigeria Police Trust Fund (Establishment) Act, 2019 (The Act), which was signed into law on 24 June 2019 and will be in force for period of six years.
Tax Appeal Tribunal relieves employers of tax obligation on voluntary pension contribution
The obligation to account for taxes due on withdrawal of voluntary pension contributions was made clearer in the judgement delivered yesterday by the Tax Appeal Tribunal on a case between Nexen Petroleum Nigeria Limited and Lagos State Internal Revenue Service
The US Embassy and Consulate in Nigeria suspends the interview waiver option (dropbox applications)
The United States Mission in Nigeria has announced the immediate suspension of the interview waivers option popularly referred to as the “Dropbox”.
Deadline for filing of annual employees’ tax returns (Form A)
Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of every year.
Reformed pioneer status incentive in Nigeria: Any contradiction to tax revenue drive?
The Federal Government of Nigeria recently approved the eligibility of 27 additional industries for possible grant of pioneer status incentive (PSI). This move is coming on the heels of the National Economic Recovery and Growth Plan (ERGP), which aims to stimulate and strengthen economic growth by boosting the level of economic participation of certain key industries.