Reminder to file Country-By-Country Reporting Notification
The CbCR Regulations include reporting and notification obligations for companies that are members of multinational entities (MNEs) with a group consolidated revenue of at least ₦160,000,000,000 in the preceding accounting year.
Double Tax Treaty (DTT) in Nigeria – FIRS clarifies the rules for claiming treaty benefits
The Federal Inland Revenue Service (FIRS), on 4 December 2019, released a public circular (the Circular) setting out the modalities of claiming DTT benefits by residents and non-residents in Nigeria and outside Nigeria, respectively.
PenCom directs PFAs to discontinue the operation of Death Benefits Accounts
The National Pension Commission (PenCom) has mandated all licensed Pension Fund Administrators (PFAs) to discontinue the operation of Death Benefits Accounts (DBAs) with effect from 31 January 2020. DBAs have been used by legal beneficiaries to access benefits of deceased contributors to the pension scheme who did not open Retirement Savings Account (RSA) during their lifetime.
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.