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.

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.

Court of Appeal affirms educational institutions’ companies income tax obligation

The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT).

Analysis and implications of the Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme

In the quest to improve the infrastructural needs of Nigeria and maximise resources, the President of Nigeria approved the Executive Order 007 (the Order) on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the Scheme).