FEC Approves Revised National Tax Policy

Nigeria announces three-month extension of tax amnesty programme

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS or the Scheme) by three months. The Scheme which originally lasted for 9 months and expired on 31 March 2018 will now run till 30 June 2018. As the original deadline was premised on an executive order, a fresh executive order will be issued to give legal backing to the new timeline.

Nigeria’s new excise regime: Is this the right time?

Barring any last minute reversal, locally manufactured tobacco and alcoholic beverages (“Excisable Products”) will be subject to a new excise regime from 4 June 2018. This new regime is pursuant to Section 13 of the Customs, Excise Tariff Etc. (Consolidation) Act which enables the Nigerian President to impose, vary or remove any import or excise duty.

IFRS 15 – Revenue from contracts with customers

Board consideration As with any new IFRS implementation, board oversight at an early stage and on an ongoing basis is critical. In order to ensure an effective and efficient implementation process, it is imperative that the board remains engaged in this process and sets the tone for the entity.