CBN clarifies that ‘Form M’ may be processed for purchases made through third-party agents
CBN has issued a circular to clarify the meaning of the term ‘ultimate supplier’, which was used in a recent circular directing Authorised Banks to discontinue the process of opening Forms M for Nigerian importers if payments are routed through buying companies.
Petroleum Industry Bill 2020 – What has changed?
President Muhammadu Buhari on 28 September 2020 presented the Petroleum Industry Bill 2020 to the National Assembly for consideration. The Bill aims to strengthen the governing institutions, establish a strong regulatory and fiscal framework, ensure transparency and accountability, promote exploration & exploitation of oil resources and foster sustainable development in Nigeria’s oil and gas industry.
Transfer Pricing Audits: The need for taxpayers to proactively prepare
The Federal Government of Nigeria has recently intensified efforts to shore up non-oil revenue in a bid to ease budgetary pressures. Non-oil tax revenue seems to be one of the “low-hanging fruits” and consequently, the Federal Inland Revenue Service (FIRS) has a mandate to explore options available to optimise tax revenue (under its administration), with a key focus on Transfer Pricing (TP).
PenCom Launches Retirement Savings Account Transfer System
The National Pension Commission (PenCom or the Commission) has announced, through a press release, the initiation of the Retirement Savings Account (RSA) transfer system, which will enable contributors under the Contributory Pension Scheme to transfer their accounts from one Pension Fund Administrator (PFA) to another, once a year.
Finance Bill 2020: Stakeholders Engagement Begins
The Federal Ministry of Finance, Budget and National Planning has released the draft version of the 2020 Finance Bill to the public for consultation. This affirms the Federal Government of Nigeria’s commitment to enact Finance Acts annually, alongside the passage of the budget into law.
FIRS grants further tax palliatives in view of recent business disruptions
Following the disruption to businesses which followed the recent protest across Nigeria, the Federal Inland Revenue Service (FIRS) has issued a public notice (the Notice) granting an additional window for obtaining a waiver of interest and penalty on outstanding tax liabilities resulting from tax desk reviews, audit and/or investigations and self-assessments from 4 November to 31 December 2020
NEPC calls for submission of baseline data for 2019 & 2020 export ratings
The Nigerian Export Promotion Council (NEPC or the Agency) has requested that qualifying exporters submit baseline data for the 2019 and 2020 fiscal years. This is to aid the determination of applicable export ratings, which are incentive rates applicable under the revised export expansion grant (EEG) scheme (“the Revised EEG” or “the Scheme”).
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.