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.
Nigerian Lawmakers investigate the compliance of selected organisations with statutory contributions to the Employees’ Compensation Fund
The House of Representatives (“HoR”), has issued a Public Notice (“the Notice”), inviting 1,124 organisations across the public and private sectors to an investigative hearing, to ascertain their level of compliance with the provisions of the Employees’ Compensation Act (ECA).
Lagos State Internal Revenue Service introduces Enterprise Tax Administration System (e-Tax)
Further to the launch of e-Filing portal for submission of individual and employer’s tax returns early this year, Lagos State Internal Revenue Service (LIRS), has now introduced a multi-channel tax and levies payment solution.
The African Continental Free Trade Area: Unfolding Changes
Now the largest free trade agreement since the creation of the World Trade Organization, the Agreement is expected to lead to structural changes in the current business environment. What is AfCFTA? How does it impact you? What should be your response?
Nigeria Immigration Service releases the e-registration guideline for migrants
The Nigeria Immigration Service (NIS) recently released a simplified guideline (The Guideline) for a successful migrant e-registration. This was necessitated by the need to ensure a credible, reliable and comprehensive database for all foreign nationals due to challenges associated with the current global migration process.
FIRS releases the Income Tax (Common Reporting Standard) Regulations 2019
The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Income Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and the relevant provisions of the FIRS (Establishment) Act and Companies Income Tax Act relating to FIRS’ power to call for returns and access taxpayer’s records.
Nigerian government proposes 50% increase in VAT rate
The Federal Government of Nigeria on Wednesday, 11 September 2019, approved a 50% increase in the Value Added Tax (VAT) rate applicable on supply of goods and services in Nigeria, from 5% to 7.5%. The new rate is expected to take effect in 2020 after due consultations with relevant stakeholders.
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 delivers landmark ruling against Abia State Board of Internal Revenue
The Tax Appeal Tribunal on 21 August 2019, in the case between Polaris Bank PLC (the Appellant) V. Abia State Board of Internal Revenue (the Respondent), affirmed that statutorily stipulated procedures must be followed before a tax liability determined from an audit exercise becomes payable by a taxpayer.