Nigeria: FIRS issues an outcome statement on implementing pillar-2 global minimum tax
On 13 April 2023, the Nigerian Federal Inland Revenue Service (FIRS) has issued an outcome statement regarding a two-day workshop held (4th and 5th April) with the OECD to sensitize stakeholders on the Two-pillar Solution and how to maximize its
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IMF Report on the Economy of Nigeria
On 6 February 2023 the IMF published a report following consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has recovered from the pandemic due to favourable oil prices and increased consumption.
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Nigeria: President signs the startup act 2022 into law
On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income
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Norway: Corporate tax proposals for budget 2023
On 6 October 2022, the National budget for 2023 was delivered including following tax proposals related to corporate taxation. Increasing the tax rate from 35.2% to 37.84% on dividends and capital gains effective from 6 October 2022. It is
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Nigeria: FIRS extends tax return filing due date for companies
On 4 July 2022, the Federal Inland Revenue Service (FIRS) of Nigeria has announced to extend the submission of company income tax return for the 2022 year of assessment. Accordingly, the filing of Companies Income Tax Returns for the 2022 Year of
See MoreNigeria: FIRS posts digital FAQs regarding transfer pricing
On 15 March 2022, the Federal Inland Revenue Service (FIRS) made a post of frequently asked questions and answers (FAQs) related to transfer pricing (TP) through online. This includes applicable regulations and their scope; documentation
See MoreNigeria: FIRS withdraws suspension of CbC reporting obligations for non-parent entities
On 4 January 2022, the Federal Inland Revenue Service (FIRS) issued a new Public Notice to announce that the withdrawal of its Public Notice of 6 May 2021 which suspended local filing obligations contained in Regulation 4 of the Income Tax (CbC
See MoreNigeria: President signs Finance Bill 2021 into Law
On 31 December 2021, the President, Muhammadu Buhari, signed the Finance Bill 2021 into Law at an event at the state house. The Act introduces various changes to 12 different laws in Nigeria. On 21 December 2021, Senate passed this Finance Bill
See MoreNigeria: President submits Finance Bill 2022 to Senate
On 7 December 2021, the President, Muhammadu Buhari, transmitted the Finance Bill 2021 through a letter to the Senate for consideration. In the letter, the President explained that the Finance Bill seeks to support the implementation of the 2022
See MoreNigeria: FIRS extends deadline for waiver of interest and penalties on tax liabilities
On 30 November 2021, the Federal Inland Revenue Service (FIRS) made an announcement regarding waiver of interest and penalties on company tax liabilities. The deadline for submitting all outstanding returns and pay the resulting tax liabilities,
See MoreNigeria issues new procedural rules for tax appellate tribunal
Recently, the Minister of Finance, Budget and National Planning issued new Tax Appeal Tribunal (Procedure) Rules 2021. The Rules replace the 2010 Rules and are intended to guide the practice and procedure of Tax Appeal Tribunal (“TAT“)
See MoreNigeria: FIRS announces penalty for late filing of tax returns
The Federal Inland Revenue Service (FIRS) has recently warned that late returns on Company Income Tax (CIT) returns beyond 30 November 2021 for the 2021 tax year would attract penalty and interest. The chairman, Muhammad Nami, said the grace period
See MoreNigeria: President presents 2022 draft Budget
On 7 October 2021, the President, Muhammadu Buhari, presented 2022 draft budget to the National Assembly. The 2022 Budget, which has been themed the "Budget of Economic Growth and Sustainability", is designed to achieve the following
See MoreNigeria: FIRS suspends CbC report local filing for non-parent entities
In September 2013, the Organization for Economic Co-operation and Development (OECD) and G20 countries, working together on an equal footing, adopted an ambitious and comprehensive 15-point Action Plan to address BEPS. The Action Plan aims to
See MoreNigeria: FIRS extends the deadline of submitting CIT return
On 1 July 2021, the Federal Inland Revenue Service (FIRS) announced that the deadline of submitting corporate income tax return, which was due in June is to be extended until 31 July 2021. This announcement was made public in a notice on Wednesday
See MoreNigeria: FIRS issues a notice to suspend CbC reporting obligations for MNE branches
The Federal Inland Revenue service (FIRS) issued a public notice to suspend Regulation 4 of the “Income Tax (CbC Regulations) Regulations, 2018”. This public notice notifies branches and subsidiaries of Multinational Enterprises (MNEs)
See MoreNigeria: FIRS issues a public notice on tax installment payments
On 29 March 2021, the Federal Inland Revenue Service (FIRS) issued a public notice to the general public, taxpayers and tax practitioners to provide clarification on instalment payments in line with the provisions of the Finance Act, 2019. The
See MoreNigeria: FIRS issues a notice regarding process for making CIT payments
On 29 March 2021, the Federal Inland Revenue Service issued a notice, which clarifies application process of how to remit corporate income tax (CIT) payments in installments. The first installment must be done on or before the due date of
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