Nigeria: System allowing electronic tax payment

21 May, 2015

The Federal Inland Revenue Service has announced an e-tax system that permits taxpayers to make electronic remittances. All taxes and levies payable to the tax administration in Nigeria can be paid by using this new

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Nigeria: Budget proposal 2015 passed by parliament

28 April, 2015

The parliament has passed 2015 Budget proposal on 28th April 2015. There was a proposal in Budget to raise VAT rate but the rate is still 5%. Future information on this topic will be reported

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DTA between Nigeria and Spain enters into force

13 April, 2015

The Income and Capital Tax Treaty between Nigeria and Spain will enter into force on 5th June

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Nigeria: IMF comments on fiscal policy

03 April, 2015

The International Monetary Fund (IMF) has concluded bilateral discussions with Nigeria under Article IV of the IMF’s articles of agreement. The staff report together with a selected issues paper commenting on Nigeria’s economic situation were

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DTA between Nigeria and Korea (Rep.) entered into force

31 March, 2015

The Income Tax Treaty between Nigeria and Korea Republic has entered into force on 21st March 2015 and it will be applicable from 1st January

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Nigeria: IMF comments on fiscal policy

05 March, 2015

On 4 March 2015 the IMF issued a press release on the conclusion of consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has grown strongly over the past decade at an average of almost 7% per annum

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Nigeria: Stock exchange rules regarding related-party transactions

23 February, 2015

The Nigerian Stock Exchange has issued rules for lending transactions with related parties or interested persons to guard against the risk that interested persons could influence an issuer, its affiliates or associated companies. One provision is

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Nigeria: Tax-free treatment period for pioneer certificates has been reduced

23 February, 2015

The Nigerian Investment Promotion Council (NIPC) has reduced the available tax-free treatment period from 5 years to 3 years on the basis of the “Pioneer Status Incentive” program. It appears however that the NIPC is still issuing pioneer

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Nigeria: Reduced withholding tax rate regarding construction activities

19 February, 2015

The withholding tax rate has reduced from 5% to 2.5% which is applicable to all aspects of building, construction, and related activities. But for survey, design, and deliveries this withholding tax rate remains 5%. This withholding tax rate effects

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Nigeria: Nonresident companies must file income tax return on real profits basis

13 February, 2015

The Federal Inland Revenue Services (FIRS) in Nigeria has issued a notice demanding all nonresident companies with a permanent establishment (PE) or fixed base (FB) to file tax returns on real basis. The new directive will be applicable to tax

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Nigeria-Qatar Income Tax Treaty initials

12 February, 2015

An Income Tax Treaty between Nigeria and Qatar has initialed on 11th February 2015. Further details of this treaty will be reported

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Nigeria: Penalty and interest rates for unpaid tax has approved

05 February, 2015

The Federal Inland Revenue Service (FIRS) has released the accepted penalty and interest rates to be applied for the year 2015 on 2nd February 2015 regarding taxes not paid within the given periods. The 15% interest rate is determined while the

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Nigeria: Public notice of new filing rules for non-resident companies

30 January, 2015

The Federal Inland Revenue Service (FIRS) has issued a public notice in accordance with section 55 of the Companies Income Tax Act (CITA) on 28th January 2015 requiring all resident and non-resident companies to file their tax returns on a real

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Nigeria: The Budget Proposal 2015 presents

21 January, 2015

The Coordinating Minister for Economy and Finance in Nigeria has presented the Budget proposal for the year 2015 to the National Assembly on 17th December 2014. The appropriation bill was talked in the second reading of the Senate on 15th January

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Nigeria: Reduction of taxes on transfer of property

12 January, 2015

The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor's consent in respect of

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Nigeria: First audit cycle under new transfer pricing regulations starts

17 December, 2014

The Federal Inland Revenue Service (FIRS) in Nigeria has built a Transfer Pricing Division on November 2013 that is accountable for the execution and administration of the Income Tax Transfer Pricing Regulations No.1 2012 (TP Regulations). This

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Nigeria: Tax withheld on dividends from gas operations

11 December, 2014

A decision of a case entitled “Nigeria Agrip Co. Ltd v. Federal Inland Revenue Service (10th December 2014)” has been issued by the Tax Appeal Tribunal and it states that dividends paid by a gas exploration and production company and paid out of

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Nigeria: Underpayment notices regarding interest, penalty assessments

11 December, 2014

The Tax Appeal Tribunal in Nigeria has issued a decision in a case regarding a taxpayer’s underpayment of company’s income tax, and the tribunal thought that interest and penalties on the underpayment are triggered and start to run when the

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