Oil and gas companies operating under production sharing contracts (PSCs) in the Deep Offshore and Inland Basin are governed by the Deep Offshore and Inland Basin Production Sharing Contract (DOIBPSC) Act, Cap D3 LFN 2004. The Nigerian Senate has now passed a bill…
The income of a person or company will be liable to tax in Nigeria based on residence. A local business that generates all its profits in the country is, thus, a tax resident in Nigeria. Yet, foreign individuals and companies outside Nigeria also…
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…
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…
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…
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…
Education, as a way of learning, helps to inculcate the proper attitudes and social interaction on people. Tertiary education can be defined as learning acquired after the secondary (or high) school level. Post secondary school level includes certificates from polytechnics, colleges of education,…
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…
