Blog

The new micro pension plan in Nigeria

Under the Pension Reform Act (2014), only employers with 15 employees and above are required to contribute to the Pension Scheme. The Act further provides that private organizations with less than 3 employees will be governed by guidelines. There is now a proposed…

President declines assent to National Housing Fund Bill 2018

“To be?” or “Not to be?” “Would President Mohammadu Buhari assent to the National Housing Fund (Establishment) Bill, 2018? That was the question on the lips of the Nigerian masses as they awaited the President’s verdict on the National Housing Fund (Establishment) Bill,…

FG plans to increase VAT rate in Nigeria

Nigeria is getting ready for its first increase in Value Added Tax (VAT) rate since 1993. The Minister for Budget and National Planning, Udoma Udo Udoma and the Chairman of FIRS, Babatunde Fowler announced this on 19 March 2019. By increasing the VAT…

Nigeria Tax Highlights – February 2019

February 2019 was a much-awaited month for the Presidential elections in Nigeria. Apparently, the election period came with its attendant low pace in economic activities. Yet, the tempo of generating more tax revenue did not drop! The tax authority rolled-out three (3) initiatives…

FIRS aims to conclude ongoing tax audits using NORA

The Federal Inland Revenue Service (FIRS) has started issuing Notice of Refusal to Amend (“NORA” or “the notice”) to companies with open tax audit exercises. Companies affected by the notice include; taxpayers that have previously objected to FIRS demand notice and  taxpayers that…