Nigeria’s 2021 Budget of Economic Recovery and Resilience

The Budget, themed “Budget of Economic Recovery and Resilience”, is expected to accelerate the pace of economic recovery following the COVID-19 pandemic (the Pandemic), enhance competitiveness and ensure social inclusion.

Nigeria Immigration Service introduces new visa fees and announces the implementation date for the Nigeria Visa Policy 2020

The Nigeria Immigration Service (NIS), through a press release on 30 September 2020, announced the introduction of new visa fees and the implementation date for the Nigeria Visa Policy 2020

Compendium of COVID-19 tax measures in Nigeria

This publication provides information about the palliatives offered by various Tax Authorities across the country. The compilation includes links to the public notices and information circulars from the relevant Tax Authorities.

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

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.

COVID-19: Economic, tax and other fiscal stimulus measures in Nigeria

This newsletter examines some of the critical economic, tax and other fiscal measures in Nigeria targeted at alleviating the economic impact of the COVID-19 Pandemic.

Nigeria rolls out additional fiscal measures to stimulate the economy in response to the impact of COVID-19 and decline in oil price

Nigeria rolls out additional fiscal measures to stimulate the economy in response to the impact of COVID-19 and decline in oil price

Nigeria’s Minister of Finance, Budget and National Planning (‘the Minster’) on 6 April 2020, issued a press statement, to communicate a Fiscal Stimulus Package to address the economic challenges created by COVID-19 (The Pandemic) and the slump in crude oil prices.