Nigeria: DTA signed with Singapore
The Finance Minister of Nigeria, Kemi Adeosun and the Minister of State for Trade and Investment of Singapore, Dr Koh Poh Koon, signed an Income and Capital Tax Treaty on August 2, 2017 for the avoidance of double taxation. According to the Finance
See MoreNigeria: Government clarifies 27 new industries and products to enjoy tax holiday under pioneer status
The Federal Government gave clarifications on August 9, 2017 regarding businesses that would qualify to enjoy pioneer status under the extra 27 new industries and products for inclusion in the list of “pioneer industries” and “pioneer
See MoreNigeria: New tax amnesty scheme in force
According to an announcement from the Finance Ministry, a new tax amnesty called the Voluntary Assets and Income Declaration Scheme (VAIDS), entered into force on July 1, 2017 for both individuals and corporations. The amnesty aims to raise tax
See MoreNigeria: Senate passes petroleum industry governance bill
During Nigeria’s plenary session on 25th May 2017, the Senate passed the Petroleum Industry Governance Bill (PIGB). The PIGB is only a segment of the original Petroleum Industry Bill (PIB). The bill splits the Nigerian National Petroleum
See MoreNigeria: Government approves signing of MLI to implement tax treaty related BEPS measures
The Government on 14th of June 2017, approved the signing by Nigeria of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and
See MoreNigeria imposes additional 5% interest on tax defaulters from July 1
The Federal Government announced on 22 May 2017 that it would apply an additional 5 per cent charge from 1 July 2017 to companies that do not meet their tax obligations if they are involved in measures to sanction taxpayers and to voluntarily comply
See MoreNigeria: Electronic tax clearance certificate expected to be introduced soon
The Federal Inland Revenue Service (FIRS) declares it will soon announce electronic Tax Clearance Certificate (TCC) system to assist reduce fraudulent certificates. The implementation of the e-TCC verification system had reached an advanced stage,
See MoreNigeria: Proposal in tax policy measures published
The Economic Growth and Recovery Plan for 2017 to 2020 has been published on 7th March 2017 by the Ministry of Budget and Economic Planning. It made a proposal on VAT rate in case of luxury goods increases to 15% from 5% and it will effect from
See MoreNigeria: Announcement on repealed company registration forms
The Corporate Affairs Commission (CAC) announced the roll out of Form CAC 1.1 to replace and consolidate forms CAC 2, CAC 2.1, CAC 4 and CAC 7 (“the repealed forms”) on 24th February 2017 for the company registration. Companies in excess of five
See MoreNigeria: FIRS issues new TP declaration and disclosure forms
The Federal Inland Revenue Service (FIRS) of Nigeria published new transfer pricing (TP) forms (TP Declaration Form and TP Disclosure Form). This is aimed at improving disclosure and transparency by taxpayers in their TP Returns, and providing FIRS
See MoreNigeria: Finance Ministry issues amended regulation to reinstate WHT rate
The Finance Minister of Nigeria has issued amended regulations to increase the withholding tax (WHT) rate from 2.5% to 5% for all aspects of building, construction, and related activities (excluding survey, design and deliveries). The Regulation
See MoreNigeria: Budget 2017 has been presented to the parliament
The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals: reviving the export expansion grant scheme due to the tax credit’s provision
See MoreDTA between Morocco and Nigeria initialed
A tax treaty between Morocco and Nigeria has been initialed on 2nd December 2016 in Abuja due to avoid of double
See MoreNigeria: Value Added Tax (Amendment) Bill 2015 passed by Senate
The amended Value Added Tax (VAT) Bill 2015 has been passed by the National Assembly on 13th October 2016. The Bill covers upwardly revised penalties and punishment for the commission of VAT violations. The Bill was passed by the Senate without
See MoreNigeria: Companies Income Tax Act (Amendment) Bill 2015 was passed in Senate
The amended Companies Income Tax Act bill 2015 has been passed the second reading in the Senate on 16th November 2016. The Bill proposes to deliver the following extra tax incentives to companies: Companies those are engaged in the mining of
See MoreNigeria: Draft revised national tax policy
The Federal Inland Revenue Service (FIRS) has published a public notice on 11th November 2016, which was issued by the Finance Ministry on the stakeholders' forum. This forum had been convened from 7th to 8th November 2016 to discuss the draft
See MoreNigeria: Tax amnesty regarding tax liability
The Federal Inland Revenue Service (FIRS) has issued guidance introducing a waiver of penalties and interest on some unpaid tax for the periods between 2013 and 2015. Taxpayers who are eligible for the penalty and interest waiver must declare the
See MoreNigeria: Withholding tax rate for construction-related payments
The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the
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