IMF Country Focus on Nigeria
On 8 February the IMF published a country focus analysing Nigeria’s economy, based on the findings of consultations with Nigeria in relation to Article IV of the IMF’s articles of association. Nigeria is expected to have only a weak and
See MoreNigeria: President signs the Finance Bill 2020 into Law
On 31 December 2020, the President, Muhammad Buhari, signed the Finance Bill 2020 and made it into law, which introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduction of COVID-19 incentives
See MoreNigeria: Tax Appeal Tribunal rules on tax assessments
On 8 October 2020, the Tax Appeal Tribunal delivered a ruling in the case of Citibank Nigeria Limited v. Rivers State Board of Internal Revenue (RBIR). The Tribunal held that the tax authorities must prove that there was fraud, willful default or
See MoreIMF: Report following 2020 Article IV Mission to Nigeria
On 11 December 2020 the IMF published a report following consultations with Nigeria in relation to Article IV of the IMF’s articles of association. The COVID-19 pandemic has hit Nigeria’s economy which was already experiencing problems with
See MoreNigeria: FIRS issues a notice regarding interest and penalties relief
On 1 December 2020, the Federal Inland Revenue Service (FIRS) issued a notice stated that taxpayers can apply for a relief from interest and penalties until 31 December 2020 on outstanding taxes arising from audit related tasks, investigations, or
See MoreNigeria: President presents 2021 Budget proposals
On 8 October 2020, the President, Muhammadu Buhari, presented the Federal Budget proposals for the year 2021 at the Joint Session of the National Assembly. The recent developments in this draft Budget includes: The draft 2021 Budget, themed
See MoreNigeria: President presents National Budget for 2021
On 8 October 2020, the President, Muhammadu Buhari, presented the National Budget for the year 2021 to a joint session of the National Assembly consisting of the Senate and the House of Representatives. The 2021 Budget is titled 'Economic Recovery
See MoreNigeria: FIRS announces an extension for filing corporate tax return
On 31 July 2020, the Federal Inland Revenue Service (FIRS) made an announcement through Twitter regarding a week extension of deadline for the submission of corporate income tax return 2020 with a December year end. The new deadline is extended
See MoreNigeria: FIRS extends interest and penalty relief deadline regarding some tax liabilities
On 9 July 2020, the Federal Inland Revenue Service (FIRS) announced the due date of the waiver of penalty and interest relief regarding tax liabilities or tax debts owed by individuals and businesses is extended from 30 June 2020 to 31 August 2020.
See MoreNigeria: Finance Minister announces new tax on non-resident digital transactions
The Minister of Finance, Budget and National Planning has recently issued the Companies Income Tax Order, 2020, which was effective from 3 February 2020. But, it was made public on 29 May 2020. The Order clarifies the meaning of Significant
See MoreNigeria: FIRS announces to extend deadline for interest and penalty relief
On 2 June 2020, the Federal Inland Revenue Service (FIRS) issued a public notice to extend the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments.
See MoreNigeria: FIRS issues several Circulars on provisions of tax laws amended by Finance Act 2019
On 9 May 2020, the Federal Internal Revenue Service (FIRS) issued the following Information Circulars numbered through 2020/02 – 08. The Circulars provides guidance to stakeholders regarding the interpretation of the amendments to extant tax laws
See MoreNigeria: FIRS announces new measures for coronavirus impact
The Federal Inland Revenue Service (FIRS) made some announcement of tax measures during COVID-19 outbreak: On 30 April 2020, the FIRS published a Public Notice, which provides that no interest and penalties will be charged to taxpayers having
See MoreNigeria: Tax authority launches an e-filing portal for TP documents and forms
The Federal Inland Revenue Service (FIRS) has recently announced an electronic portal, which permit taxpayers to complete and submit the transfer pricing declaration and disclosure forms, country-by-country (CbC) reports and CbC notification forms
See MoreNigeria: FIRS announces tax relief measures during COVID-19 pandemic
On 23 March 2020, the Federal Inland Revenue Service (FIRS) announced tax relief measures due to coronavirus (COVID-19) pandemic. The key measures are: the extension of the deadline for the filing of personal income tax returns by 3 months from
See MoreNigeria: Tax Appeal Tribunal makes a decision on a transfer pricing case
On 19 February 2020, the Tax Appeal Tribunal made a decision regarding a transfer pricing case, entitled “Prime Plastichem Nigeria Limited v Federal Inland Revenue Service (FIRS), in favour of the FIRS on all the issues raised for determination
See MoreNigeria: FIRS issues a public notice regarding tax payment deadlines
On 21 February 2020, the Federal Inland Revenue Service (FIRS) issued a public notice, which states the deadlines for tax payment under the Finance Act 2019. According to the notice, the FIRS notified the general public, companies, and taxpayers
See MoreNigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See More