Nigeria: Non-resident companies has made deduction of recharges

11 December, 2014

The Court of Appeal has set a decision about a case entitled Federal Board of Inland Revenue v. Halliburton (WA) Limited (CA/L/320/2009) on 2nd December 2014 for determining whether by requiring Halliburton WA to pay tax on the amounts received

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Nigeria: VAT free services for stock exchange commissions

28 October, 2014

According to a current order in Nigeria, stock exchange commissions are free from value added tax (VAT). The order was publicly presented on 27 October 2014. Besides, the effective date of the VAT exemption is 25 July 2014 and it is effective for a

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Nigeria: Tax Authority imposes interest on unpaid taxes

21 October, 2014

The Federal Inland Revenue Service (FIRS) has issued a public notice entitled ā€œAdministration of penalty and interest rate regimes under the Companies Income Tax (CIT) Act, CAPS C21, LFN 2004ā€ and FIRS imposes 10% and 15% penalty and interest

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Nigeria: Notice for taxation of investment income gained by pioneer companies

15 October, 2014

The Federal Inland Revenue Services (FIRS) in Nigeria has issued a clarification notice regarding the taxation of investment income in the nature of dividends, interest, royalties, and rent earned by pioneer companies is subject to 10% withholding

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Nigeria: Preparing for transfer pricing audit

15 October, 2014

A transfer pricing declaration and disclosure form will be the first returns filed in compliance with Nigeriaā€™s transfer pricing regulations if returns of taxpayers having a December 2014 accounting year-end. By filing these returns, Nigeriaā€™s

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Nigeria: Interests on inter-company loans are tax-deductible

25 September, 2014

The Tax Appeal Tribunal held that Nigerian company prepared interest payments on its inter-company loans are tax deductible, given that the loans were got at armā€™s length. In Nigeria, the taxpayer of Nigerian company was occupied in petroleum

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Nigeria: Changes Income tax law for companies

24 July, 2014

According to section 55 of the income tax law for companies, the Federal Inland Revenue of Nigeria has declared a policy change and stated that non-resident companies will be required to file their returns. Non-resident companies have filed their

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Deriving income tax by non-residents from contracts with Nigerian companies

04 July, 2014

The Federal High Court gave its decision in the case of Saipem Contracting Nigeria, Saipem (Portugal) Commercio Maritimo Su LDA and Saipem SA v. Federal Inland Revenue Services, Attorney General of the Federation and Shell Nigeria Exploration and

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Nigeria: Customs starts 35% tariff on imported vehicles

03 July, 2014

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%

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Nigeria: New system regarding pension plan has enacted

03 July, 2014

The Legislation has signed into law that provides new measures for a contributory pension plan system in Nigeria. The new law naming ā€œPension Reform Act, 2014ā€ repeals a 2004 law, and provides for a high threshold number of employees for

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Nigeria: Advance ruling in Tax authority not binding

09 June, 2014

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

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Nigeria: Managing Transfer Pricing risks

24 April, 2014

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

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Nigeria – verification exercise for VAT and WHT

23 March, 2014

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

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Nigeria – Companies requested to submit group transfer pricing documentation

23 March, 2014

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

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Treaty between Philippines and Nigeria

09 March, 2014

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

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Nigeria: Potential risks in transfer pricing regulations ā€œsafe harborā€

18 February, 2014

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

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Nigeria: High Court affirms taxpayer appeal and orders disbandment of Tax Tribunal

10 January, 2014

Nigeriaā€™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 TSKJā€™s appeal against

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Nigeria establish TP Division and disclose TP forms

27 December, 2013

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 Nigeriaā€™s Federal Inland Revenue Service (FIRS). The TP

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