Nigeria: House of Representatives passes Finance Bill 2019
On 28 November 2019, the House of Representatives passed the Finance Bill 2019. It was passed its third reading by the National Assembly on 21 November 2019. Major proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate
See MoreNigeria: Senate passes third reading of Finance bill 2019
On 21 November 2019, the Senate passed the Finance Bill 2019, which seeks an amendment of Nigeria’s tax laws and make them more responsive to the tax policies of the Federal Government, among other things. The President stated that the amendment
See MoreNigeria: Finance Bill 2019 passes second reading in parliament
On 6 November 2019, the Finance Bill 2019 passed its second reading at the Senate. Main proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate (CIT) applies for companies with turnover between NGN25-million and
See MoreNigeria: Tribunal issues decision in a case on dividends paid from tax exempt income
The Tax Appeal Tribunal issued a decision in a case entitled “United Capital Asset Management Ltd and United Capital Trustee Ltd v. Federal Inland Revenue Service” on the application of excess dividend tax in terms of section 19 of the
See MoreNigeria: President presents Budget proposal for 2020
On October 8, 2019, the president, Muhammadu Buhari, presented the draft budget for the year 2020. President Muhammadu Buhari arrives the green chambers of the National Assembly where the joint session of holding to receive the 2020 appropriation
See MoreNigeria: FIRS introduces e-filing for submitting TP returns
On 27 September 2019, Federal Inland Revenue Service (FIRS) described the way of how to submit transfer pricing (TP) returns through the electronic platform, when it is active. Now, the FIRS is get ready to automate the process of filing TP
See MoreNigeria: FIRS issues Income Tax (CRS) Regulations, 2019
Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Common Reporting Standard (CRS)) Regulations, 2019. The effective date of the regulations is 1 July 2019. This follows Nigeria's signing of the Multilateral Convention on
See MoreNigeria: TP returns due on 30 June
It’s a reminder for the companies with a 31 December year-end required to file a transfer pricing (TP) return by 30 June 2019. Pursuant to the Transfer Pricing Regulations of 2018, existing companies with financial year-end of 31 December 2018
See MoreNigeria: FIRS issues guidance on MAP
On 21 February 2019, Nigeria’s Federal Inland Revenue Services (FIRS) has issued guidelines on Mutual Agreement Procedure (MAP). The guidelines prescribe information regarding eligibility for MAP, access to MAP, overview of the MAP request
See MoreNigeria: Alerting TP compliance regulation deadline
The Federal Inland Revenue Service (FIRS) of Nigeria declared 31st December as the last date for the taxpayers for complying the pending transfer pricing obligations and also submitting the documentations which include the disclosures of all related
See MoreNigeria: FIRS issues public notice regarding deadline set for TP documentation
The Federal Inland Revenue Service (FIRS) has previously released the Income Tax (Transfer Pricing) Regulations, 2018, which replaced the Income Tax (Transfer Pricing) Regulations, 2012. The 2018 TP Regulations, which introduced supplementary
See MoreNigeria: FIRS publishes a public notice regarding CbC Regulations
The Federal Inland Revenue Service (FIRS) issued a public notice on September 17, 2018. This notice provides alert that income tax country-by-country (CbC) reporting regulations S.I. no. 6, 2018 entered into force with effective from January 1, 2018
See MoreNigeria: Areas where CCAs may conflict with domestic law
The Government has observed almost six years of significant efforts to align its domestic tax laws and regulations with international initiatives on modernization of its tax principles and enhancement of transparency and disclosure requirements.
See MoreNigeria: Cabinet approves MCAA on financial account information
The Cabinet has approved the Multilateral Competent Authority Agreement (MCAA) On July 4, 2018, regarding the automatic exchange of Financial Account Information. It was signed on August 17, 2017. It provides exchange of information in accordance
See MoreNigeria: FIRS Issues guidelines for CbC reporting regulations
The Federal Inland Revenue Service (FIRS) has published the guidelines of Country by Country (CbC) Reporting Regulations on July 3, 2018. These Guidelines are issued to provide guidance to the general public and in particular, Multinational
See MoreNigeria: Reminder on due date for submitting CIT returns for June, 2018
For companies having an accounting year end of December 31, 2017, must submit their company income tax (CIT) return by June 30, 2018 to Federal Inland Revenue Service (FIRS). They also have to submit capital gain tax (CGT), education tax (EDT), and
See MoreNigeria: FIRS publishes Income Tax (CbC Reporting) regulations
The Federal Inland Revenue Service (FIRS) has released the Income Tax (Country-by-Country Reporting (CbCR)) Regulations on June 19, 2018. It was published in an official gazette on January 8, 2018. This CbCR Regulations give guidelines to
See MoreNigeria: President accepts VAIDS deadline extension until 30 June
The President, Muhammadu Buhari, has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018 from March 31, 2018. Note that, no further extension of time will be approved after June 30, 2018. The VAIDS
See More