Compliments of the season. Welcome to BRC’s monthly series on Tax Highlights in Nigeria. It’s the final edition for the year 2019. Tax events in December 2019 did not slow down despite the festive mood at fiscal year-end. Here are four (4) top events that shaped…
Nigeria has a tax treaty or double taxation agreement (DTA) with 16 countries. A tax treaty is a bilateral agreement between two countries that helps to settle issues on double taxation. Four (4) legislation on income tax already contains rules on double taxation…
President Muhammadu Buhari signed the 2020 Budget into law on 17 December 2019 within two months after the first presentation at the National Assembly. The 2020 Budget shows a total expenditure of ₦10.59 trillion while the total revenue is ₦8.31 trillion creating a…
The Federal Inland Revenue Service (FIRS) has issued a Public Notice dated 17 December 2019 on a nationwide tax enforcement exercise to collect all outstanding taxes from tax defaulters. According to the notice, the recovery exercise will start on 24 December 2019. Taxpayers…
President Muhammadu Buhari has appointed Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS). FIRS is responsible for assessing, collecting and accounting for tax and other revenue accruing to the Federal Government of Nigeria. According to the…
Some provisions in the Nigerian tax laws are outdated and ambiguous. Over the years, Nigerian lawmakers made attempts to amend gray areas in the tax laws but with little impact. One new legislation that will reform the Nigerian tax space is the Finance…
On 4 November 2019, the Nigerian President assented to the Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill 2019. The amended bill reviews the regulation of deep offshore oil fields in Nigeria. Four (4) proposed changes to the Principal Act First…
Welcome to BRC‘s monthly series on Tax Highlights in Nigeria. It is the last quarter of the year. On October 1st, the nation celebrated 59 years of independence. Back to tax matters, here are five (5) major events that shaped the Nigeria tax space in…
