Senate passes bill to repeal and re-enact CAMA
The Nigerian Senate on 15 May 2018, passed a Bill for an Act to repeal and re-enact the Companies and Allied Matters Act, 1990 (the Bill). The proposed Bill called the Companies and Allied Matters Act, 2018 (CAMA), went through the third reading at the Senate and now awaits final assent by the President.
Value added tax compliance – Any respite for Nigeria Electricity Supply Industry operators?
Value added tax (VAT) is a multistage consumption tax, which is charged and payable on the supply of all goods and services. VAT is payable by individuals, body corporates, and organisations that buy, procure or import taxable goods and services. VAT applies on all goods and services except those specifically listed as exempt in the law. The First Schedule to Value Added Tax Act, Cap V1, LFN 2007 (as amended) (VATA) contains the list of exempted items. Goods exempted include basic food items, baby products, all exports, books and educational materials.
Analysing the treaty making process in Nigeria – Focus on the Double Tax Treaty with Singapore
President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT) between Nigeria and Singapore on 16 November 2016 by the Federal Executive Council (FEC) and subsequent signature of the DTT by the Federal Government of Nigeria on 2 August 2017.
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.
Senate proposes Bill to repeal and re-enact Customs and Excise Act
The Senate of the Federal Republic of Nigeria is currently considering a Bill to abolish the fifty-eight-year-old Customs & Excise Management Act (CEMA) and five other Customs & Excise Laws. The Bill which is currently at the committee stage of the legislative process, seeks to enact a new Customs and Excise Act to establish the Nigeria Customs Service and restructure the administration and management of customs and excise in Nigeria.
The CMO shift to gaining business lift
Today’s CMOs see themselves as growth drivers, with a clear mandate from senior management to add value and impact revenue. But are they actually delivering?
Effective strategy planning for new leaders
When we interview CEOs and boards in preparation for Executive Transition Labs, we often hear they expect the newly promoted or incoming executive to be an effective strategist. Yet, in the lab, I frequently find that transitioning executives cannot clearly articulate the process for framing strategy at their company, and sometimes, the critical strategy choices of the company.