Finance Act 2020: Key changes and implications

President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 (“the Act”) alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria’s commitment to enact fiscal policy annually, alongside the passage of the annual budget into law (i.e. enactment of Appropriation Act) and aligns with global best practice.

Federal Government of Nigeria revises excise regime

The Federal Government of Nigeria has re-introduced an ad-valorem excise structure to spirits and wines. With this introduction, excise duty on spirits, wines and cigarettes will now be based on both ad-valorem and specific excise structures.

Finance Act 2019: Clarification on Significant Economic Presence

The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, recently issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in Finance Act 2019 (FA19).

Minister of Finance releases VAT Modification Order 2020

The Honourable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed (the Minister), has issued a Value Added Tax (VAT) Modification Order (the Order), to provide clarity with regards to the interpretation of goods and services exempt under the VAT Act.

COVID-19: Economic, tax and other fiscal stimulus measures in Nigeria

This newsletter examines some of the critical economic, tax and other fiscal measures in Nigeria targeted at alleviating the economic impact of the COVID-19 Pandemic.

Tax Appeal Tribunal affirms the six-year limitation rule for tax audit assessments

The Tax Appeal Tribunal on 20 January 2020 in the case between Delta Afrik Engineering Nigeria, affirmed the principle of law that a tax authority may not impose back duty assessments for periods beyond the preceding six (6) years unless it is able to establish fraud, willful default, or neglect.

CBN introduces special foreign exchange window for investors and exporters

Nigeria’s Finance Bill 2019: key changes and implications

This newsletter gives an overview of the Bill, analyses the key provisions vis-à-vis the changes to the primary taxing legislation and highlights the potential tax implications for stakeholders.

Federal High Court dismisses FIRS application for stay of execution on VAT judgement

TAT’s judgement on employer’s obligation to remit tax on voluntary pension contribution withdrawals

The key issue for determination, amongst others, was whether the Appellant is obliged to deduct and remit pay-as-you-earn (PAYE) taxes on the voluntary pension contribution (VPC) withdrawals made by its employees before the timeline stipulated in the Pension Reform Act, 2014 (PRA).

Federal Government releases 2019 Fiscal Policy Measures

The Federal Government of Nigeria (FGN) has approved and ordered the implementation of the 2019 Fiscal Policy Measures (FPM), effective 1 July 2019. 2019 FPM replaces 2018 FPM, which had been in force since 27 July 2018.

National Housing Fund (Establishment) Bill 2018. An improvement over the existing Act?

The National Assembly, on 18 February 2019, passed the National Housing Fund (Establishment) Bill, 2018 (the Bill) into law.