Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA), 2004 (Amendment) Bill, 2019 receives Presidential assent

As anticipated in our tax alert of 21 October 2019, President Muhammadu Buhari has signed the Deep Offshore and Inland Basin (Production Sharing Contract) Act (DOIBPSCA), 2004 (Amendment) Bill, 2019 (the Bill) into an Act on Monday 4 November 2019.

FMI announces revalidation of Expatriate Quota approvals issued on a 'Permanent Until Reviewed' status

FIRS establishes Non-Resident Persons’ Tax Office

Federal Inland Revenue Service (FIRS), in a bid to ensure tax certainty and promote voluntary tax compliance of non-resident persons, has established a Non-Resident Persons’ Tax Office (NRPTO). This was communicated via a public notice (the Notice) recently issued by FIRS.

FIRS releases the income Tax (Income Reporting Standard) Regulations 2019

FIRS releases the Income Tax (Common Reporting Standard) Regulations 2019

The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Income Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and the relevant provisions of the FIRS (Establishment) Act and Companies Income Tax Act relating to FIRS’ power to call for returns and access taxpayer’s records.

NSE to resume charging VAT on commissions applicable to capital market transactions

Nigerian government proposes 50% increase in VAT rate

The Federal Government of Nigeria on Wednesday, 11 September 2019, approved a 50% increase in the Value Added Tax (VAT) rate applicable on supply of goods and services in Nigeria, from 5% to 7.5%. The new rate is expected to take effect in 2020 after due consultations with relevant stakeholders.

Companies in Nigeria to pay Police Trust Fund Levy of 0.005% of net profits

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.

Tax Appeal Tribunal delivers landmark ruling against Abia State Board of Internal Revenue

The Tax Appeal Tribunal on 21 August 2019, in the case between Polaris Bank PLC (the Appellant) V. Abia State Board of Internal Revenue (the Respondent), affirmed that statutorily stipulated procedures must be followed before a tax liability determined from an audit exercise becomes payable by a taxpayer.

FIRS to pursue directors and management staff for outstanding corporate tax liabilities

Federal Inland Revenue Service (FIRS) on Monday, 19 August 2019, issued a public notice mandating companies with lien on their accounts to regularise their tax status and pay the tax due within 30 days of the public notice. In the event of non-compliance within the stated timeline, FIRS has stated its intention to recover the tax liabilities from directors, managers, secretaries and other management staff of such companies.

Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

FIRS demands deduction of WHT/VAT at source on all forms of commission and rebates paid to distributors and customers

FIRS demands deduction of WHT/VAT at source on all forms of commission and rebates paid to distributors and customers

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.

NSE to resume charging VAT on commissions applicable to capital market transactions

NSE to resume charging VAT on commissions applicable to capital market transactions

The Nigerian Stock Exchange (NSE), on 10 July 2019, issued a circular on the expiration of Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (the Circular).