Finance Act 2020 and its impact on employment tax
The Finance Act, 2020 amends portions of various extant tax provisions, including that of the Personal Income Tax Act (PITA). In this article, we have highlighted some of the major changes to PITA and how these impact payroll taxes with effect from 1 January 2021.
The African Continental Free Trade Area: The dawn of a new era
After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has officially commenced.
In what started years ago as a bold and, an unrealistic aspiration, the AfCFTA has morphed into a striking reality. Africa has created a working fifty-four member state1 free trade agreement, the largest since the creation of the one hundred and sixty-four member state World Trade Organisation.
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.
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.