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.

5 Key Steps to Improving Government-to-business experience

Good corporate citizenship is an essential ingredient for business success in any economy. This involves the responsiveness of Businesses to their legal obligations and objectives established by their stakeholders. While meeting stakeholder expectation may reasonably be within the control of a business, meeting up with legal obligations is an extrinsic factor to the business which has continually belabored business performance with its peculiar set of challenges.

Inside the Deloitte Cybersecurity Bulletin

Security Intelligence Google may distrust a third of the web’s SSL certificates Source: cio.com Google may distrust a third of the web’s SSL certificates by revoking trust in certificates that have a validity period of over 33 months. This is to put enormous pressure on Symantec, as the company will have to contact all customers, validate their identity and the ownership of their domains all over again, and replace their existing certificates with new ones, most likely at no cost.

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.

FEC Approves Revised National Tax Policy

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).

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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.

Implications of Nigeria’s Draft Petroleum Fiscal Policy

As part of efforts towards reforming the oil and gas industry, the Ministry of Petroleum Resources (MPR) recently released the Draft National Petroleum Fiscal Policy.