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.
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.
COVID-19: Nigeria rolls out various regulatory and fiscal measures to provide relief
This newsletter examines the various measures put in place in Nigeria to contain the spread of COVID-19 and also alleviate the impact of the Pandemic.
Outlook and impact of changes in Nigeria taxation landscape for 2020
There are fundamental changes in Nigeria’s tax landscape with far-reaching impact on the economy and business performance in 2020 and beyond.
Nigeria’s President signs 2019 Finance bill into law
The Finance Bill, which was passed by the National Assembly in December 2019 and transmitted to the presidency for assent, is expected to change the tax landscape in Nigeria as it contains amendments to the provisions of seven (7) extant tax laws.
Nigeria Tax Landscape maintains Status Quo as Finance Bill 2019 is yet to be enacted
It is in the overall interest of the country that the euphoria that greeted the release of the Finance Bill is sustained with an early passage. This is a much-needed action in view of the drive towards bridging the country’s revenue gap.