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FG considers new excise duty on carbonated drinks

The Federal Government of Nigeria wants to introduce excise duty on carbonated drinks such as soft drinks and beverages that contain carbonated water. Excise duty is a charge on the production, sale or use of certain locally produced goods. The principal act for…

Overview of Nigeria’s 2020 Budget proposal

On October 8, 2019, President Muhammadu Buhari presented the 2020 Budget and Finance Bill to the National Assembly for consideration and passage into law. The total revenue available to fund the 2020 budget is projected at ₦8.155 trillion (7% higher than the 2019…

Nigeria Tax Highlights for September 2019

Welcome to BRC’s monthly series on Tax Highlights in Nigeria. September 2019 was a busy month in the tax space in Nigeria. Here are five (5) major events that shaped the Nigeria tax space in September 2019.  Businesses in Nigeria will be required…

Communication Service Tax (Bill) 2019

The Nigerian Senate has proposed a Communication Service Tax Bill (2019) as extra revenue for the national budget. Communication service tax (CST) is a charge of 9% on electronic communication services such as voice calls, SMS, MMS, pay per view TV stations and…

Tertiary education tax in Nigeria

Education, as a way of learning, helps to inculcate the proper attitudes and social interaction on people. Tertiary education represents any form of education acquired after the secondary (or high) school level. This includes certificates from polytechnics, colleges of education, and universities. While…

LIRS launches enterprise tax administration system

The Lagos State Internal Revenue Service (LIRS) has automated its tax management and administration process. Taxpayers in Lagos State can now manage their tax affairs using an online end-to-end platform, enterprise tax administration system (e-Tax). Overall, the multi-channel solution aims to improve tax…

Income Tax (Common Reporting Standard) Regulations 2019

Nigeria’s Federal Inland Revenue Service (FIRS) has issued a regulation on the automatic exchange of information with 105 countries on financial accounts. The co-operation of tax authorities in different countries will help to reduce tax evasion and enhance the reliability of tax systems. Otherwise, a…

Nigeria Tax Highlights for August 2019

Welcome to BRC’s monthly series on Tax Highlights in Nigeria.  In August 2019, the Federal Inland Revenue Service (FIRS) released two public notices. The third event was a tax dispute while the fourth event was revocation of one regulation. Here are four (4) major events…

NOTAP automates registration of agreement

The National Office for Technology Acquisition and Promotion (NOTAP) has automated the process for registering technology transfer agreements. As a regulatory body established under the NOTAP Act of 2004, NOTAP monitors the transfer of foreign technology into Nigeria. Other functions include evaluating and…