Taxpayer identification number (TIN) is essential for opening a corporate bank account in Nigeria. A tax resident who supplies goods or services is expected to apply for TIN with the Federal Inland Revenue Service (FIRS). Thereafter, a…
Personal Income Tax is the charge on the income of individuals, trustees, and executors. In Nigeria, the two key legislation are the Personal Income Tax Amendment Act 2011 (PITAM) and Finance Act 2020. The effective…
What is transfer pricing? We can split the term “transfer pricing” into two parts; “transfer” and “pricing”. Transfer means to move an item from one place to another. Pricing is the total money estimated or…
Federal Inland Revenue Service (FIRS) has revised the Transfer Pricing Regulations in Nigeria. First, the new scope of Transfer Pricing Regulations (TPR) includes related or associated transactions based on the provisions of Capital Gains Tax…
New and existing businesses in Nigeria are saddled with two or more statutory requirements. This article focuses on taxation of profits of new companies. In Nigeria, this concept is called commencement rule based on Section…
Recently, the Nigerian Senate passed a bill to revoke and reenact the Companies and Allied Matters Act. An individual intending to form a company can explore beyond the sole-proprietorship option. The proposed Act would reduce…
The Nigerian Investment Promotion Commission (NIPC) has launched an online portal (iGuide Nigeria) for investors seeking to conduct business in Nigeria. The iGuide Nigeria emerged as a collaboration between NIPC, the United Nations Economic Commission…
The Federal Executive Council (FEC) approved two executive orders and five amendment bills on 6 June 2018. Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order…