Finance Bill 2019 passes second reading – seeking to change the Nigerian tax landscape
The Finance Bill, 2019 (the Bill), presented alongside the 2020 proposed budget to a joint session of the National Assembly on 8 October 2019 by President Muhammadu Buhari, has passed the second reading. The Bill’s strategic objectives, amongst others, include promoting fiscal equity, reforming domestic tax laws, introducing new tax incentives and raising revenue for the government.
Central Bank of Nigeria automates the export process with the introduction of e-Form ‘NXP’
The Central Bank of Nigeria (CBN), on 28 October 2019, released a circular (“the Circular”) informing the public about the deployment of an automated e-form ‘NXP’ (the Form) to replace hard copy form ‘NXP’ with effect from 31 October 2019.
World Bank ease of doing business report 2020: Nigeria remains top improver
The World Bank Group (World Bank) on Thursday, 24 October 2019, published its 2020 Doing Business Report (the Report). This latest report sees Nigeria ranking 131 out of 190 countries on the ease of doing business index, an upward movement by 15 places from 2019 ranking of 146.
Analysis of the Federal Government’s 2020 Budget Proposal
On Tuesday, 8 October 2019, President Muhammadu Buhari presented the proposed 2020 budget of the Federal Government of Nigeria to the joint session of the National Assembly (NASS), wherein he also itemised the policy thrust of FGN.
The African Continental Free Trade Area: Unfolding Changes
Now the largest free trade agreement since the creation of the World Trade Organization, the Agreement is expected to lead to structural changes in the current business environment. What is AfCFTA? How does it impact you? What should be your response?
Companies in Nigeria to pay Police Trust Fund Levy of 0.005% of net profits
The Federal Government of Nigeria (FGN), recently made public the Nigeria Police Trust Fund (Establishment) Act, 2019 (The Act), which was signed into law on 24 June 2019 and will be in force for period of six years.
FRCN revokes rule requiring regulatory approval before recognising certain expenses
The Financial Reporting Council of Nigerian (“FRCN”) on Monday, 5 August 2019, issued a public notice which revoked its Rule 4, requiring regulatory approval for events/transactions having financial reporting implications prior to recognising same in the financial statements.
Nigeria to sign agreement establishing the African Continental Free Trade Area
The Federal Government of Nigeria has indicated its intent to sign the agreement establishing the African Continental Free Trade Area (AfCFTA) at the 12th Extraordinary Summit of the African Union slated for 7 July 2019.
Federal Executive Council approves new import levy
The Federal Executive Council (FEC) has approved a new 0.2% import levy on eligible imports from African Union (AU) Member States.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)