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.
Nigeria signs double tax treaty with Spain into law
President Muhammadu Buhari, on Friday, 26 January 2018 assented to the Avoidance of Double Taxation Agreement between the Federal Republic of Nigeria and the Kingdom of Spain (Domestication and Enforcement) Act, 2018. The double tax agreement (DTA) between Nigeria and Spain had been awaiting ratification by the legislature for about nine years. The legislature commenced the process of ratifying the DTA with Spain in 2016, in line with the provisions of Section 12(1) of the Nigerian Constitution which precludes treaties from having the force of law until they have been enacted by the National Assembly. The ratified DTA was recently forwarded to the Executive for final assent. The Presidential assent of the DTA with Spain is a welcomed development given that there are quite a number of signed DTAs between Nigeria and other trade partners which are still pending ratification. It is expected that the DTA between Nigeria and Spain…
FEC approves new bilateral tax treaty between Nigeria and Singapore
In the bid to facilitate more trade between Nigeria and Singapore, the Federal Executive Council (FEC) on Wednesday, 16 November 2016 approved a bilateral tax treaty between the two countries. A bilateral tax treaty, also known as double tax treaty (DTT), helps to eliminate the double taxation of income arising in either of the countries and paid to residents of the other. Meanwhile, double taxation is the levying of tax more than once on the same declared income, asset or financial transaction, often by two or more jurisdictions.