Stamp duties on bank deposits and transfers – Are there unresolved issues?
The Stamp Duties Act, Chapter S8, Laws of the Federation of Nigeria (LFN) 2004 (SDA) provides the legal basis for the imposition and collection of stamp duties in Nigeria. Stamp duties are chargeable on all instruments relating to matters executed between a company and individual, group or body of individuals and those executed between persons or individuals.
LIRS issues public notice on taxation of interest benefit on employee loans
The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 14 September 2017 with respect to taxation of interest benefits accruing to employees on loans granted by employers.
Building Organisational Capacity for Successful Implementation of IFRS 9
Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity.
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.
IFRS 15: The new revenue framework – What corporates need to know
The financial reporting landscape will witness significant changes in 2018 as the two major standards on Revenue and Financial instruments (IFRS 15 Revenue from contracts with customers and IFRS 9 Financial Instruments) become effective. For many reporting entities, the new revenue accounting principles is a paradigm shift that require care in implementation.
Joint Tax Board issues public notice on abuse of voluntary pension contribution scheme
The Joint Tax Board (JTB) recently issued a public notice (the Notice) on the perceived abuse of voluntary pension contribution (VPC) scheme by employees as a means of avoiding personal income tax.
LIRS clarifies the definition of reasonable removal expenses for the purpose of tax exemption
The Lagos State Internal Revenue Service (LIRS) recently issued a public notice to all employers, company owners and their representatives, employees, high net worth individuals and other members of the public to clarify the definition of reasonable removal expenses for the purpose of tax exemption. LIRS cited Section 4(3)(c) of Personal Income Tax Act, LFN Cap P8 2004 as amended, which exempts “reasonable removal expenses” from tax.
Microfinance banks and the VAT legislation: Is there a case for exemption?
Introduction The primary aim of new National Tax Policy is to introduce new strategies that will enable government achieve its objectives of creating an enabling environment for businesses to thrive while simplifying the tax system. This underlying principle is expected to be applied in the purposive interpretation of ambiguous provisions of the tax laws.