Nigeria signs double tax agreement with Singapore
Pursuant to the approval given by the Federal Executive Council in 2016, the Federal Government of Nigeria signed a double taxation treaty (DTT) with the government of Singapore on Wednesday, 2 August 2017. The DTT is aimed at eliminating or providing relief for double taxation on income of companies and individuals that are resident in either country.
The Journey to Digital Transformation: How ready is Nigeria?
In 2017, it is no news that with the increasing rise in technologies, going digital is the optimal route to attain success and longevity as a business or organization.
Regulatory Alert: Nigeria’s Business Climate and Ease of Doing Business Initiatives
Nigeria is viewed by many as a country with enormous opportunities and business potentials. The sheer size of the country’s population, human and natural resources as well as its diverse culture place the country in a class of potentially great nations. It is, therefore, a sad narrative when the challenges faced by businesses and entrepreneurs are considered. According to the World Bank Doing Business Report 2017, Nigeria is ranked 169 among 190 economies in the ease of doing business.
Sustainable Banking as a Driver for Growth: A Survey of Nigerian Banks
Financial services regulators in Nigeria increasingly see sustainable banking as an avenue to promote the sustainable development of the nation. As such, key regulators have established and continue to improve frameworks, guidelines and regulations mandating banking institutions to implement sustainability in their business operations and activities.
Guide to Fiscal Information – Key Economies in Africa 2017
The latest publication of the Guide to Fiscal Information – Key Economies in Africa 2017 is now available to download. This publication contains an overview of the tax and investment environment of key economies in Africa.
Public Private Partnership (PPP) as an anchor for diversifying the Nigeria economy
Lagos Container Terminals Concession as a Case Study Across Africa, the Public Private Partnership (PPP) model has become increasingly critical as both a funding and operational mechanism for social (e.g. hospitals and schools) and economic infrastructures such as ports, railways, roads and airports. The public partner is typically represented by the government at a national, state, or local agency level. The private partner can be a privately-owned business or consortium of businesses with a specific area of expertise.
CBN introduces special foreign exchange window for investors and exporters
The Central Bank of Nigeria (CBN) on 21 April 2017 announced that it has set up a special foreign exchange window for investors, exporters and end users. The announcement was made via a Circular referenced FMD/DIR/CIR/GEN/08/007.
PEBEC releases scorecard on its 60 days action plan to improve ease of doing business in Nigeria
The Presidential Enabling Business Environment Council (PEBEC), has released details of the outcome of the 60 days national action which was initiated to make Nigeria an easier place to do business (see earlier alert).
Implications of Nigeria’s Draft Petroleum Fiscal Policy
As part of efforts towards reforming the oil and gas industry, the Ministry of Petroleum Resources (MPR) recently released the Draft National Petroleum Fiscal Policy.
TAX ALERT: Nigeria considers new tax amnesty framework through VAIDS
In a bid to grow Nigeria’s tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, a Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented. The National Executive Council (NEC) has granted approval-in-principle for this new scheme subject to finalization of the broader framework. The primary objective of VAIDS is to encourage voluntary declaration of undisclosed income and assets with consequential payment of applicable tax liabilities over a defined period. It is expected that this window offered to those who have not complied with extant tax regulations, will simultaneously generate revenue and encourage investment and economic activity. An estimated revenue of US$1 billion is projected from the scheme. Key highlights of VAIDS include: Commencement date: the scheme is expected to kick off from 1 May 2017 with incentives put in place to encourage early participation. Taxes covered: all taxes…