Federal Government of Nigeria revises excise regime
The Federal Government of Nigeria has re-introduced an ad-valorem excise structure to spirits and wines. With this introduction, excise duty on spirits, wines and cigarettes will now be based on both ad-valorem and specific excise structures.
Finance Act 2019: Clarification on Significant Economic Presence
The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, recently issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in Finance Act 2019 (FA19).
FRC guidance for External Auditors: COVID-19 and its impact on the audit of reporting entities in Nigeria
As COVID-19 spreads and the impact is felt, regulators in Nigeria and around the world have issued guidance to entities under their control to provide direction on the impact of COVID-19 on the reporting obligations of those entities.
Finance Act 2019: FIRS releases information circulars to clarify certain provisions
The Federal Inland Revenue Service (FIRS) has released various information circulars on its opinion and clarification of certain provisions in the Finance Act 2019.
COVID-19: FIRS waives interest and penalty arising from outstanding tax audit liabilities
The Federal Inland Revenue Service (FIRS) recently issued a Public Notice communicating the waiver of interest and penalty on outstanding tax debts arising from tax desk review, audit and/or investigation exercise.
FIRS issues public notice on completion of Self-Certification Forms by Reportable Persons
The Federal Inland Revenue Service (FIRS) on 17 September 2020, released a public notice requesting all account holders with Reporting Financial Institutions (RFIs), such as commercial banks, insurance companies, asset management companies etc., to obtain, complete and submit Self-Certification Forms (SCFs) to their respective financial institutions.
Securities & Exchange Commission issues guidelines on crypto assets
The Securities & Exchange Commission, on 11 September 2020, issued a public notice to regulate the operation of crypto assets (which may include cryptocurrencies) in Nigeria, where the crypto assets have the character of securities.
Tax Appeal Tribunal rules that rent is not subject to VAT
The Tax Appeal Tribunal, in the case between Ess-Ay Holdings Limited (Ess-Ay) and the Federal Inland Revenue Service (FIRS), ruled that rent is not subject to Value Added Tax (VAT).
FIRS launches an online reporting portal for financial institutions on AEOI-CRS
The Federal Inland Revenue Service (FIRS) has launched an online AEOI-CRS reporting portal to be used by reporting financial institutions (RFI) in Nigeria for CRS reporting purpose.
FGN releases guidelines for visa revalidation and migrant travels as the Nigerian airspace reopens
Following the resumption of international flights in Nigeria, the Nigeria Immigration Service (NIS) has issued the following guidelines for visa revalidation and migrant travels affected by the suspension of international flights and closure of airspace
Evaluating changes in transfer pricing positions in an economic downturn: a COVID-19 scenario
The downturn in both the global and Nigerian economies due to the impact of COVID-19 will have serious implications for many multinational businesses operating in Nigeria, especially in the areas of transfer pricing policy implementation and documentation.
FGN releases provisional protocol for travellers ahead of international flights resumption
The Federal Government of Nigeria (FGN) has released the provisional protocol (the Protocol), in preparation for the resumption of international flights to Nigeria, which is scheduled to commence from 5 September 2020
Federal Government of Nigeria postpones resumption of international flights
The Federal Government of Nigeria has postponed the resumption of international flights from 29 August to 05 September 2020.
FIRS extends filing deadline for corporate tax returns by 7 days
FIRS has issued a public notice informing the public of a 7-day extension granted to companies whose tax returns were due as at 31 July 2020.