Acting President Osibanjo signs executive order backing implementation of VAIDS
The Acting President, Prof. Yemi Osinbajo on 29 June 2017 signed an Executive Order backing the implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS), which will take effect from 1 July 2017 and last till 31 March 2018. The scheme will be jointly executed by the Federal and State Governments and will cover both corporate and individual taxpayers.
FG introduces new interest rate regime for outstanding tax payments
In its renewed bid to minimise tax evasion, deter non-compliance and promote voluntary compliance, the Federal Government of Nigeria has announced a new interest rate regime for unpaid taxes.
Taxation of entertainers and sportsmen in Nigeria – What, how and where?
It is trite that around the world, entertainers and sportsmen are some of the highest paid individuals. Their sources of income are vast, ranging from performance and appearance fees to endorsement deals, royalties from image rights, tournament participation fees, etc. These incomes are often earned in multiple jurisdictions, which can potentially make accounting for appropriate taxes complicated. It is thus no surprise that many advanced economies have special tax regimes for such individuals, both resident and non-resident, to ensure that no potential tax revenue is permitted to escape assessment and collection.
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.
Federal Government approves new policy to boost local production of tomatoes
The Federal Government (“FG”) of Nigeria has developed and approved the implementation of a tomato sector policy (“the Policy”) whose primary aims include – increasing the local production of fresh tomatoes; increasing local production of tomato concentrates and reducing post-harvest losses.
Taxation of High Net-Worth Individuals: Is this a chase after shadows?
The current economic landscape has forced several State Governments hitherto dependent on Federal Government allocations to look inwards for revenue. Personal Income Tax, especially those payable by high net worth individuals (HNWIs) is gradually attracting the attention of State Internal Revenue Services (SIRS). Against this backdrop, some SIRS are currently deliberating the tax revenue potentials of HNWIs.
The ECOWAS Trade Liberalization Scheme – Myth or Reality?
In 1979, the Heads of State and Governments of the Member States of the Economic Community of West African States (ECOWAS) established the ECOWAS Trade Liberalization Scheme (ETLS) pursuant to the overarching objective of promoting co-operation and integration among the Member States.
Tax Newsletter: No more ₦50 stamp duty on bank deposits- Federal High Court
A Federal High Court (FHC) on 13 March 2017, delivered a judgment on the validity of the circular issued by Central Bank of Nigeria referenced CBN/GEN/DMB/02/006, in the case between Retail Supermarkets Nigeria Limited (AKA Shoprite) and the defendants Citibank Nigeria Limited (Citibank) and Central Bank of Nigeria (CBN).
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…
Nigeria ratifies the Trade Facilitation Agreement
Nigeria has ratified the Trade Facilitation Agreement (TFA), becoming the 107th country to sign up to the agreement.