FIRS issues Nigeria’s Country-by-Country Reporting Regulations

The Federal Inland Revenue Service (FIRS) in exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, and all other powers enabling it, has issued the Income Tax (Country by Country Reporting) Regulations, 2018 (the CbCR Regulations). The CbCR Regulations take effect from 1 January 2018, and form part of the enhanced tax disclosure requirements set out by Action 13 of the Base Erosion and Profit Shifting (BEPS) project. The Regulations aim at providing tax authorities with improved information to enable them better assess international tax avoidance risks. Under the CbCR Regulations, where the Ultimate Parent Entity (UPE) or a Constituent Entity (CE) of a Multinational Enterprise Group (MNE Group) is tax resident in Nigeria, such Nigerian resident entity will be required to file a Country-by-Country Report (CbC Report) with FIRS for an accounting year where the Group has a…

President Buhari signs 2018 Appropriation Bill into law

President Muhammadu Buhari, on Wednesday, 20 June 2018, signed the 2018 Appropriation Bill of the Federal Government of Nigeria (FGN) into law. The final assent came 7 months after the presentation of the 2018 Budget to a joint session of the National Assembly on 7 November 2017. 

Guide to Fiscal Information – Key Economies in Africa 2018

The latest publication of the Guide to Fiscal Information – Key Economies in Africa 2018 is now available to download. 

FEC approves Executive Orders on VAT and Excise Duties alongside five Amendment Bills

In a show of commitment towards reducing the tax burden and improving the ease of doing business for taxpayers, the Federal Executive Council (FEC or the Council) has approved two Executive Orders and five Amendment Bills touching on key provisions in the Nigerian tax and regulatory legislation. This communication was released by the Minister of Finance, Mrs. Kemi Adeosun, after the Council meeting on Wednesday, 6 June 2018.

Meet one of Deloitte Africa Brand Ambassadors

My name is Amani Momodu. Oh okay, you already know that; but the import of this ‘re-introduction’ is what will be coming from me to you over the next several weeks and months, and may I also add year J.  So I please ask that you join me on this exciting ride.

Cost Contribution Arrangements (“CCAs”)

Managing conflicts between domestic laws and adopted international tax guidelines and best practices in Nigeria The last six years have witnessed significant efforts by Nigeria to align its domestic tax laws and regulations with international initiatives on modernization of its tax principles and enhancement of transparency and disclosure requirements. These efforts included the introduction of Income Tax (Transfer Pricing) Regulations No.1 in August 2012 (“TP Regulations”), which adopted international best practices for determining the arm’s length/market value of transactions between related parties. Nigeria has also been participating in global initiatives aimed at tackling tax evasion and tax revenue leakages.

Finance and Accounting Outsourcing

The hyper-competitive nature of the global economy is linking the world’s major economies and changing the landscape of international business. This fast pace of change is compressing internal investment cycles into shorter payback periods thus creating a pressure on earnings expectation.

PenCom releases Draft Framework for Micro Pension Plan

The National Pension Commission (PenCom), via a public notice issued on Tuesday, 15 May 2018, disseminated a Draft Framework for Micro Pension Plan (the Framework) for stakeholders’ consideration and comments.

Senate passes bill to repeal and re-enact CAMA

The Nigerian Senate on 15 May 2018, passed a Bill for an Act to repeal and re-enact the Companies and Allied Matters Act, 1990 (the Bill). The proposed Bill called the Companies and Allied Matters Act, 2018 (CAMA), went through the third reading at the Senate and now awaits final assent by the President.

Value added tax compliance – Any respite for Nigeria Electricity Supply Industry operators?

Value added tax (VAT) is a multistage consumption tax, which is charged and payable on the supply of all goods and services. VAT is payable by individuals, body corporates, and organisations that buy, procure or import taxable goods and services. VAT applies on all goods and services except those specifically listed as exempt in the law. The First Schedule to Value Added Tax Act, Cap V1, LFN 2007 (as amended) (VATA) contains the list of exempted items. Goods exempted include basic food items, baby products, all exports, books and educational materials.