LIRS to automate collection of consumption tax using Electronic Revenue Assurance system

The Lagos State Internal Revenue Service (LIRS) has introduced an Electronic Revenue Assurance (ERA) system for the collection of consumption taxes from hotels, night clubs and event centres (hospitality outlets) in Lagos State.

CBN introduces special foreign exchange window for investors and exporters

Tax Planning: Is there any legal and moral benefit?

Business owners constantly seek avenues to eliminate unnecessary and avoidable costs with the aim of optimising profits. Thus, efficient business practices become paramount in minimizing expenses, the most worrisome being “tax expense”.

President Buhari signs Executive Order to promote local content

President Muhammadu Buhari, on Monday 5 February 2018, signed the ‘Executive Order 5 for Planning and Execution of Projects, Promotion of Nigerian Content in Contracts and Science, Engineering and Technology’ (the Order).

FEC Approves Revised National Tax Policy

National Tax Policy Implementation Committee presents report on Tax Law Reforms

The National Tax Policy Implementation Committee (NTPIC or the Committee), on Friday 2 February 2018, presented its progress report on the review of tax laws and regulations, and proposed tax reforms to the Minister of Finance (MoF), Mrs. Kemi Adeosun.

FEC Approves Revised National Tax Policy

Lagos State House of Assembly passes Land Use Charge Bill

The Lagos State House of Assembly, on Monday, 29 January 2018, passed the Land Use Charge Law, 2018 (LUCL). LUCL, with the Governor’s assent, will replace the extant Land Use Charge Law, No. 11 of 2001.

Nigeria signs double tax treaty with Spain into law

President Muhammadu Buhari, on Friday, 26 January 2018 assented to the Avoidance of Double Taxation Agreement between the Federal Republic of Nigeria and the Kingdom of Spain (Domestication and Enforcement) Act, 2018. The double tax agreement (DTA) between Nigeria and Spain had been awaiting ratification by the legislature for about nine years. The legislature commenced the process of ratifying the DTA with Spain in 2016, in line with the provisions of Section 12(1) of the Nigerian Constitution which precludes treaties from having the force of law until they have been enacted by the National Assembly. The ratified DTA was recently forwarded to the Executive for final assent. The Presidential assent of the DTA with Spain is a welcomed development given that there are quite a number of signed DTAs between Nigeria and other trade partners which are still pending ratification. It is expected that the DTA between Nigeria and Spain…

Nigerian legislation and its shades of gray – Value Added Tax

In the last two years and within 7 months apart, two divisions of the Tax Appeal Tribunal (TAT), in Abuja and Lagos, gave conflicting decisions on two cases with similar facts. The underlying issue for consideration was the applicability of Value Added Tax (VAT) is applicable on services rendered by a non-resident1 to a Nigerian company.

Nigeria issues the Income Tax (Country-by-Country Reporting) Regulations 2018

Nigeria has issued the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations). The Regulations are part of the implementation plans under Action 13 of OECD’s Base Erosion and Profit Shifting (BEPS) project.

House of Representatives passes Petroleum Industry Governance Bill

The House of Representatives (HoR) on Wednesday, 17 January 2018, passed the Petroleum Industry Governance Bill (“PIGB” or “the Bill”) following its third reading at the House. The HoR adopted the version of the PIGB passed by the Senate in May 2017.

The new import and export guidelines: Any respite for the trader?

Monday, 1 January 2018, did not only mark the celebration of New Year in Nigeria, it also heralded the effectiveness of the revised import and export guidelines (the Guidelines) issued by the Federal Government of Nigeria (FGN).