Petroleum Industry Bill passed by the National Assembly
The Petroleum Industry Bill (‘PIB’ or ‘the Bill’) was passed by the National Assembly on Thursday, 1 July 2021. The Bill, which has been in the works since the early 2000s, will become law once the President has assented to it.
Federal Government of Nigeria extends travel ban to South Africa
Further to the recent announcement imposing a travel ban on travellers arriving from Brazil, India and Turkey, the Federal Government of Nigeria (FGN) on 28 June 2021, extended the ban to travellers from South Africa.
FIRS extends the filing deadline for Income Tax Returns by one month
The Federal Inland Revenue Service (FIRS) has issued a public notice (the Public Notice) to extend by one month, the deadline for filing the income tax returns of companies whose returns were due on 30 June 2021; the new due date of filing such income tax returns is now 31 July 2021.
Potential loss of Withholding Tax Credit is imminent as FIRS sets a deadline for the validation of credit notes
The Federal Inland Revenue Service (FIRS), through some of its tax offices, has requested that taxpayers who have unutilised Withholding Tax (WHT) credit notes dating prior to 31 May 2020, should submit these for validation latest 30 June 2021. According to FIRS, failure to validate the WHT credit notes by this deadline will lead to permanent forfeiture of the tax credits.
FIRS introduces TaxPro-Max for the filing of Naira denominated tax returns
The Federal Inland Revenue Service (FIRS) has announced the introduction of TaxPro-Max, a Tax Administration Solution aimed at easing tax compliance in Nigeria. The launch was communicated to the general public via a Public Notice.
FIRS issues public notice on the local filing of Country by Country report
The Federal Inland Revenue Service (FIRS) has released a public notice (the Notice), notifying Nigerian branches and subsidiaries of Multinational Enterprises (MNEs) of suspension of the implementation of the local filing requirement of Country by Country (CbC) reports, until further notice.
Common Reporting Standard Compliance in Nigeria: What next to consider?
As taxpayers approach another Automatic Exchange of Information (AEOI) – Common Reporting Standard (CRS) returns filing season, financial institutions in Nigeria would need to take note of their CRS reporting obligations as provided in the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations) and the Income Tax (Common Reporting Standard) Implementation and Compliance Guidelines, 2019 (CRS Guidelines).
Federal Government of Nigeria reviews provisional protocol for travellers arriving from Brazil, India and Turkey
The Federal Government of Nigeria, on 02 May 2021, announced that travellers arriving from Brazil, India and Turkey (BIT countries) will be denied entry into Nigeria with effect from Tuesday, 4 May 2021