Tax Appeal Tribunal affirms the six-year limitation rule for tax audit assessments

The Tax Appeal Tribunal on 20 January 2020 in the case between Delta Afrik Engineering Nigeria, affirmed the principle of law that a tax authority may not impose back duty assessments for periods beyond the preceding six (6) years unless it is able to establish fraud, willful default, or neglect.

Nigeria's new visa policy

Nigeria issues new visa policy

The Nigeria Visa Policy 2020 (NVP 2020 or the Policy) was officially presented by the President, Muhammadu Buhari on 4 February 2020. The Policy, designed to revolutionize the visa regime in Nigeria, adopted four (4) visa categories which were further expanded to seventy-nine (79) visa classes/types.

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Federal Government gazettes Finance Act, 2019

Federal Government gazettes Finance Act, 2019

New VAT rate to become effective 1 February 2020

The Minister of Finance (the Minister) today, 16 January 2020, announced the effective date for implementation of the new VAT rate of 7.5% to be 1 February 2020

2019 Federal Budget Signed into law

Federal Government to announce the future date of implementation of Finance Bill, 2019

In the interim, we understand that the implementation date of the Act would be communicated later by the Federal government to the general public. This became necessary in order to allay the concerns of taxpayers who are yet to sight the Act while being apprehensive that its provisions may have taken effect from 13 January 2020 (i.e. the date the Act was signed by the President.

Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

Deadline for filing of annual employers tax returns (Form H1)

The Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) provides that every employer is statutorily required to submit its employers’ tax returns (Form H1) with the relevant tax authority.

CBN introduces special foreign exchange window for investors and exporters

Nigeria’s President signs 2019 Finance bill into law

The Finance Bill, which was passed by the National Assembly in December 2019 and transmitted to the presidency for assent, is expected to change the tax landscape in Nigeria as it contains amendments to the provisions of seven (7) extant tax laws.

CBN introduces special foreign exchange window for investors and exporters

Nigeria Tax Landscape maintains Status Quo as Finance Bill 2019 is yet to be enacted

It is in the overall interest of the country that the euphoria that greeted the release of the Finance Bill is sustained with an early passage. This is a much-needed action in view of the drive towards bridging the country’s revenue gap.

CBN introduces special foreign exchange window for investors and exporters

Nigeria’s President signs 2020 budget into law

President Muhammadu Buhari has signed the 2020 budget of the Federal Government of Nigeria (the Budget) into law.

PEBEC releases scorecard on its 60 days action plan to improve ease of doing business in Nigeria

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.