Nigeria presents four tax reform bills to National Assembly
Nigeria’s President presented four bills to the National Assembly outlining measures to revise tax laws and modernise Nigeria’s tax system on 3 October 2024. The bills have been forwarded to the House Committee on Finance for review and
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Nigeria gazettes VAT modification order 2024, introduces new fiscal incentives for oil and gas sector
Nigeria’s Federal Ministry of Finance has unveiled two major fiscal incentives aimed at revitalising Nigeria's oil and gas sector on 2 October 2024. These are Value Added Tax (VAT) Modification Order 2024, which has been published in the
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Nigeria gazettes new withholding tax regime
Nigeria’s Federal Ministry of Finance has announced the Deduction of Tax at Source (Withholding) Regulations 2024 has been published in the official gazette on Wednesday 2 October 2024. The commencement date of the new Regulations is 30
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Nigeria to launch e-invoicing for improved tax compliance
Nigeria’s Federal Inland Revenue Service (FIRS) announced it will introduce the FIRS e-invoicing system under the the Tax Administration and Enforcement Act 2007 on 18 September 2024. The FIRS e-invoicing system will be an online digital
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Nigeria reinstates cybersecurity levy with reduced rate
Nigeria’s Central Bank (CBN) announced that it is reintroducing a 0.005% levy on all electronic transactions conducted by banks and financial institutions under the “Cybercrime (Prohibition, Prevention, etc.) Act, 2015” on 17 September
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OECD: Report on Simplified Peer Review of Nigeria under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Nigeria under Action 14 of the project on base erosion and profit shifting (BEPS). The report sets out the results of Stage 1 of the simplified peer review of the
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Nigeria imposes levy on electronic money transfers
Nigeria's Federal Inland Revenue Service (FIRS) will implement an electronic money transfer levy of NGN 50 on transfers of NGN 10,000 and above, starting 9 September 2024. Introduced in the Finance Act 2020 and regulated in late 2021, the levy
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Nigeria proposes VAT rate hike, reduction of VAT on essentials
Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee stated on 5 September 2024 that the committee proposes the elimination or reduction of VAT on essential items like food, housing, and public
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Nigeria passes 70% windfall tax on bank foreign exchange profits
Nigeria’s Senate passed the Finance (Amendment) Bill 2024 on 25 July 2024, which introduces a windfall tax on bank profits from foreign exchange transactions for the 2023 fiscal year. The newly sanctioned windfall tax is set at 70% on foreign
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Nigeria proposes windfall tax on banks’ foreign exchange profits
Nigeria’s National Assembly has raised the windfall tax on banks' foreign exchange (FX) gains to 70%, up from the initially proposed 50%. The increase is part of Nigeria’s revised Finance Act of 2024. Nigerian President Bola Tinubu signed the
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Nigeria appoints crypto firm to collect VAT on transaction fees
KuCoin, a Seychelles-based cryptocurrency trading platform, announced on its official X account, on 3 July 2024, that it will impose a 7.5% value-added tax (VAT) on transaction fees for users in Nigeria, effective 8 July, 2024. KuCoin has
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Nigeria publishes new withholding tax rates
Nigeria’s federal government passed a new withholding tax regime on 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. The new withholding tax regime introduces exemptions for small businesses,
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Nigeria passes new withholding tax regime
Nigeria’s federal government passed a new withholding tax regime on Tuesday, 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. These changes include reduced rates for businesses with low margins and
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Nigeria exempts taxes on imported pharmaceutical inputs
Nigeria’s President Bola Tinubu has signed an executive order that removes excise duties, VAT, and other tariffs on imported pharmaceutical inputs which include specified equipment, machinery, components, and other forms of raw materials used in
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Nigeria implements cybersecurity levy on e-transactions
The Central Bank of Nigeria (CBN) released, on 6 May, 2024, Circular PSM/DIR/PUB/LAB/017/004 of 6 May 2024, in which it directed banks, financial organisations, payment service providers, and mobile money operators in Nigeria to enforce a 0.5%
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Nigeria: Executive order offers petroleum sector tax incentives
Nigeria’s Federal Inland Revenue Service (FIRS) has released two circulars on the implementation of "Executive Order No. 40 on Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024”. This order introduces gas credits
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Nigeria introduces tax incentives for new oil and gas companies
On 28 February 2024, the Nigerian government published the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024 in the Official Gazette. The announcement outlines various new incentives for the oil and gas sector, which
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Nigeria: FIRS launches self-registration feature on its e-platform
On 11 March 2024, the Federal Inland Revenue Service (FIRS) of Nigeria released a public notice on X (formerly Twitter) about the launch of a self-registration feature on TaxPro-Max, its tax administration solution electronic platform. With the
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