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.

Analysing the treaty making process in Nigeria – Focus on the Double Tax Treaty with Singapore

President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT) between Nigeria and Singapore on 16 November 2016 by the Federal Executive Council (FEC) and subsequent signature of the DTT by the Federal Government of Nigeria on 2 August 2017.

Economic Recovery and Growth Plan (ERGP): An assessment of the journey so far

The Economic Recovery and Growth Plan (ERGP) is a medium term all-round developmental initiative focused on restoring growth, investing in people and building a globally competitive economy. The ERGP was launched in April 2017. Precisely one year after its implementation, we examine the performance of the Plan in line with set execution principles in the table below.

The Continental Free Trade Agreement: Is no deal the right deal for Nigeria?

On 22 March 2018 in Kigali, Rwanda, Heads of State of forty-four African countries, gathered to sign the African Continental Free Trade Agreement (“AfCFTA” or “the Agreement”), the landmark agreement which amongst others aims to liberalize trade across Africa.