Nigeria: Customs starts 35% tariff on imported vehicles
Based on the new fiscal policy on imported vehicles as instructed by the Federal Government, the Nigeria Customs Service (NCS) has commenced full accomplishment of the 70% tariff on imported vehicles. Finally, importers and car dealers has paid 20%
See MoreNigeria: New system regarding pension plan has enacted
The Legislation has signed into law that provides new measures for a contributory pension plan system in Nigeria. The new law naming “Pension Reform Act, 2014” repeals a 2004 law, and provides for a high threshold number of employees for
See MoreNigeria: Advance ruling in Tax authority not binding
The Nigerian company and the non-resident companies (a Portuguese company and a French company) signed a consortium contract with an international oil company, and that contract needed them to carry out distinct place of work. The non-resident
See MoreNigeria: Managing Transfer Pricing risks
The Nigerian transfer pricing rules are still relatively new, as detailed implementation of the transfer pricing law effectively began only with the release of the Transfer Pricing Regulations in 2012. Taxpayers must therefore make sure that they
See MoreNigeria – verification exercise for VAT and WHT
The Nigerian tax authority the Federal Inland Revenue Service (FIRS) is to perform a verification exercise in respect of withholding tax and value added tax. The exercise which will continue from 12 March 2014 until 11 April 2014 is to look at these
See MoreNigeria – Companies requested to submit group transfer pricing documentation
In Nigeria the tax authority FIRS is asking taxpayers to send in transfer pricing documentation for the group to which they belong. Although there is no specific deadline they should do so as soon as possible and the documentation should be with the
See MoreTreaty between Philippines and Nigeria
The 1997 double taxation treaty between the Philippines and Nigeria entered into force on 18 August 2013 and applies as from 1 January 2014. A 12.5% maximum withholding tax applies to dividends paid to a company (other than a partnership) that holds
See MoreNigeria: Potential risks in transfer pricing regulations “safe harbor”
Regulation 15 of the Nigerian transfer pricing regulations provides for a transfer pricing safe harbor. A safe harbor is a statutory provision that relieves a given category of taxpayers or transactions from specific obligations otherwise imposed by
See MoreNigeria: High Court affirms taxpayer appeal and orders disbandment of Tax Tribunal
Nigeria’s Federal High Court (FHC) delivered a key judgment on 30 October 2013 in a suit between TSKJ Contruces Internationals Sociadade Unipessoal LDA (TSKJ) and the Federal Inland Revenue Service (FIRS). The FHC upheld TSKJ’s appeal against
See MoreNigeria establish TP Division and disclose TP forms
Transfer Pricing Division will be accountable for the implementation and administration of the Income Tax Transfer Pricing Regulations No.1 2012 (TP Regulations) and it has build by the Nigeria’s Federal Inland Revenue Service (FIRS). The TP
See MoreNigeria – Authorities highlights tax revenue collection
It has reported that Nigeria’s state internal revenue authorities are to be more invasive in current trading with taxpayers. For example, the tax authorities have issued “Letters of Intention to Obtain Warrant of Distrain” before the closing
See MoreNigeria – New TP forms and established tax office
Nigeria’s Federal Inland Revenue Service (FIRS) has published a transfer pricing declaration and disclosure form for executing the transfer pricing regulations issued in 2012 and has established a tax office within the tax administration
See MoreKenya-Nigeria:Signed tax treaty
Kenya and Nigeria has signed a tax treaty on September 6, 2013. No further details are currently
See MoreNigeria: Treatment of recharges paid to local subsidiaries
The Tribunal of Nigeria’s Tax Appeal has issued decisions on August 26, 2013 regarding two non-resident taxpayers. The issue was if in Nigeria their taxable turnover could be determined by cutting amounts that they give payment to Nigerian
See MoreNigeria: Tax implications guidance of adopting IFRS
The Nigerian tax authority has published guidance on September 6, 2013 regarding the tax implications of adopting the International Financial Reporting Standards (IFRS) that would change the current accounting regime. In 2010, The Nigerian
See MoreNigeria: Installment payments against lump-sum tax payment
Nigeria’s tax authority has published in a local newspaper a request to taxpayers to submit their tax return for 2013 on August 12, 2013 and it focused on the rules for companies to file returns and fix obligations of their income tax, and the
See MoreNigeria: Tax implications for adopting IFRS
Under the IFRS regime, the circular proposes clarifications as to how specific assets, expenses, and income will be acted for tax motives. It also highlights the position of Nigerian tax authority on other issues, like the tax treatment of costing
See MoreNigeria introduced new TP regulations
Nigeria has announced new Transfer Pricing Regulations on October 22, 2012. This will be applicable retroactively to August 2, 2012. The TP Regulations provide that all transactions between connected parties should be at arm’s length. Taxpayers
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