IFRS 15: The new revenue framework – What corporates need to know
The financial reporting landscape will witness significant changes in 2018 as the two major standards on Revenue and Financial instruments (IFRS 15 Revenue from contracts with customers and IFRS 9 Financial Instruments) become effective. For many reporting entities, the new revenue accounting principles is a paradigm shift that require care in implementation.
Joint Tax Board issues public notice on abuse of voluntary pension contribution scheme
The Joint Tax Board (JTB) recently issued a public notice (the Notice) on the perceived abuse of voluntary pension contribution (VPC) scheme by employees as a means of avoiding personal income tax.
LIRS clarifies the definition of reasonable removal expenses for the purpose of tax exemption
The Lagos State Internal Revenue Service (LIRS) recently issued a public notice to all employers, company owners and their representatives, employees, high net worth individuals and other members of the public to clarify the definition of reasonable removal expenses for the purpose of tax exemption. LIRS cited Section 4(3)(c) of Personal Income Tax Act, LFN Cap P8 2004 as amended, which exempts “reasonable removal expenses” from tax.
Microfinance banks and the VAT legislation: Is there a case for exemption?
Introduction The primary aim of new National Tax Policy is to introduce new strategies that will enable government achieve its objectives of creating an enabling environment for businesses to thrive while simplifying the tax system. This underlying principle is expected to be applied in the purposive interpretation of ambiguous provisions of the tax laws.
Pioneer status incentive scheme in Nigeria: Wider coverage with weightier conditions – any grey areas?
The Federal Government of Nigeria approved the eligibility of 27 additional industries for possible grant of tax holiday under the pioneer status incentive at the Federal Executive Council meeting held on Wednesday, 2 August 2017. Following FEC’s approval, the Minister of Industry, Trade and Investment announced on Monday, 7 August 2017, the lifting of administrative suspension on approval of pioneer status incentive (PSI) application.
National Identification Number becomes a prerequisite for processing Nigerian passport
The Nigeria Immigration Service (NIS), on Wednesday, 2 August 2017, announced that with effect from 1 January 2018, individuals who intend to obtain Nigerian passports or renew expired passports would be required to provide their National Identification Number (NIN), issued by the National Identity Management Commission (NIMC).
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (3)?
The last two editions of our InsideTax publication have focused on tackling tax leakages in the 21st century. Without doubt, the need for revenue authorities to develop awareness of possible sources of tax leakages in this era and evaluate tenable approaches at combating the problem cannot be over-emphasized. Specifically, in the last edition, we considered a common tax evasion scheme – sales suppression – vis-à-vis the various ways in which it can manifest, consequences and technology-based counter measures prescribed by the Organisation for Economic Cooperation and Development (OECD).