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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Nigeria: FIRS shifts e-platform for transfer pricing and CbC reporting notifications
Nigeria’s Federal Inland Revenue Service (FIRS), in a notice to taxpayers and the general public, announced the transitioning of the electronic platform for filing transfer pricing returns and country-by-country (CbC) reporting notifications from
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Nigeria: FIRS defers implementation of simplified compliance regime for VAT for non-resident suppliers of goods
On 15 January 2024, Nigeria's Federal Inland Revenue Service (FIRS) published a public notice declaring that it deferred enacting the Guidelines on the Simplified Compliance Regime for VAT for Non-Resident Suppliers of goods to Nigeria through
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UN Resolution Paves Way for Equitable Global Tax Framework
The UN's Resolution A/C.2/78/L.18/Rev.1, proposed by Nigeria, represents a critical stride in establishing a UN Framework Convention on International Tax Cooperation. It confronts longstanding disparities born from decades of OECD-dominated tax
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Nigeria: FIRS offers waiver of penalties and interest on tax liabilities
On 3 December 2023, Nigeria's Federal Inland Revenue Service (FIRS) announced in a public notice that it is offering a full waiver of penalties and interest on all outstanding tax liabilities. The waiver only applies if all outstanding tax
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Nigeria: FIRS updates online portal, announces payment deadline for outstanding tax liabilities
The Federal Internal Revenue Service (FIRS) issued a notice that mentioned updates to the TaxPro-Max portal. These updates are expected to alleviate the tax payment issues faced by taxpayers. As per the notice, the payment reference number (PRN)
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Nigeria: FIRS issues notice on tax compliance of international shipping lines
On 21 August 2023, the Federal Inland Revenue Service (FIRS) of Nigeria published a public notice in relation to tax compliance of international shipping lines. The circular provides the basis of taxation of international shipping lines in
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Nigeria: FIRS extends the deadline for filing CIT returns for 2023
On 10 July 2023, the Executive Chairman of the FIRS, Muhammad Nami, issued a Public Notice extending the deadline for filing companies’ income tax returns and paying the related tax liabilities. The new deadline is set for 31 August 2023,
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Nigeria: FIRS releases new guidelines on mutual agreement procedures
On 23 May 2023, the Federal Inland Revenue Service (FIRS) of Nigeria has released Information Circular No. 2023/04 which includes new Guidelines on Mutual Agreement Procedure (MAP). The purpose of the guidelines is to provide guidance on how to
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Nigeria: Tax measures in Finance Act 2023
On 28 May 2023, the immediate past President, Muhammadu Buhari signed the Finance Bill-2023 into law as Finance Act, 2023("the Act"). The act includes the following tax measures related to corporate taxation: "Digital assets" have been
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