Finance Bill 2019 passes second reading – seeking to change the Nigerian tax landscape
The Finance Bill, 2019 (the Bill), presented alongside the 2020 proposed budget to a joint session of the National Assembly on 8 October 2019 by President Muhammadu Buhari, has passed the second reading. The Bill’s strategic objectives, amongst others, include promoting fiscal equity, reforming domestic tax laws, introducing new tax incentives and raising revenue for the government.
Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA), 2004 (Amendment) Bill, 2019 receives Presidential assent
As anticipated in our tax alert of 21 October 2019, President Muhammadu Buhari has signed the Deep Offshore and Inland Basin (Production Sharing Contract) Act (DOIBPSCA), 2004 (Amendment) Bill, 2019 (the Bill) into an Act on Monday 4 November 2019.
Central Bank of Nigeria automates the export process with the introduction of e-Form ‘NXP’
The Central Bank of Nigeria (CBN), on 28 October 2019, released a circular (“the Circular”) informing the public about the deployment of an automated e-form ‘NXP’ (the Form) to replace hard copy form ‘NXP’ with effect from 31 October 2019.
Ease of doing business: The implications of Lekoil v. Ministry of Petroleum Resources
The Federal High Court, recently ruled that an indigenous oil exploration company could not deem the consent of the Minister of Petroleum Resources (the Consent) granted on default as recommended by the Executive Order One (EO1) signed in May 2017 by the Presidency.
World Bank ease of doing business report 2020: Nigeria remains top improver
The World Bank Group (World Bank) on Thursday, 24 October 2019, published its 2020 Doing Business Report (the Report). This latest report sees Nigeria ranking 131 out of 190 countries on the ease of doing business index, an upward movement by 15 places from 2019 ranking of 146.
FIRS establishes Non-Resident Persons’ Tax Office
Federal Inland Revenue Service (FIRS), in a bid to ensure tax certainty and promote voluntary tax compliance of non-resident persons, has established a Non-Resident Persons’ Tax Office (NRPTO). This was communicated via a public notice (the Notice) recently issued by FIRS.
Nigerian Senate passes a bill for amendment of the Deep Offshore and Inland Basin Production Sharing Contract Act, 2004
The Nigerian Senate recently passed the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (Amendment) Bill, 2019 (the Bill).
The Bill which will amend the provisions of the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (DOIBPSCA or the Act), when passed by the House of Representatives, and after the President’s assent, aims to shore up Nigeria’s revenue earnings.
Taxing trade incentives in Nigeria – a conundrum!
The Federal Inland Revenue Service recently issued a public notice informing companies, particularly those in the FMCG sector, of their ‘obligation’ to deduct withholding tax (WHT) and VAT on compensation paid to distribution intermediaries, irrespective of the description (commission, rebate, etc.) or the form of settlement (cash, credit note, goods-in-trade).
Analysis of the Federal Government’s 2020 Budget Proposal
On Tuesday, 8 October 2019, President Muhammadu Buhari presented the proposed 2020 budget of the Federal Government of Nigeria to the joint session of the National Assembly (NASS), wherein he also itemised the policy thrust of FGN.
FIRS to introduce e-filing for transfer pricing returns in 2020
The Federal Inland Revenue Service (FIRS), in its bid to enhance efficiency in tax administration, is set to automate the process of filing transfer pricing (TP) returns. This initiative is aimed at improving the ease of doing business in Nigeria.