Global mobility will be easier if employment tax rates are the same in every country. Well, it isn’t! The tax liability of an employee often changes during an international assignment. If an expatriate is tax resident in a foreign country, such income will…
The World Bank (WB) released the much-awaited Ease of Doing Business 2019 Report on 31 October 2018. Each year, WB releases the Ease of Doing Business report which compares business regulation for local firms in 190 economies. Nigeria’s ranking fell from 145 to 146 even…
Businesses often buy items that will generate benefits above 12 months. When these items are also tangible and hard to convert into cash, they are called fixed assets. Each company is free to set a threshold for recognizing fixed assets in its books.…
Jay launched his fantastic business last year. He used his personal savings to pay for office space and a laptop which he needed to start operations. Well, he did a couple of activities right to build his new business except for one thing,…
If you purchase goods from a departmental store in Nigeria, you will notice a certain amount, Value Added Tax, on your sales receipt. Typically, this is rarely an issue since the price is inclusive of Value Added Tax (VAT). The Finance Acts 2019,…
What is VOARS? VOARS means Voluntary Offshore Assets Regularization Scheme. President Muhammadu Buhari issued the Executive Order 008 called Voluntary Offshore Assets Regularization Scheme (“VOARS” or “the Scheme”) on 8 October 2018. The Scheme allows Nigerian taxpayers to declare their offshore assets and…
Here are four (4) facts on the latest public notice on Transfer Pricing (TP) regulations, 2018 issued by the Federal Inland Revenue Service on October 3, 2018. Is this the first TP regulation in Nigeria? Answer: No. The revised Income Tax (Transfer Pricing) Regulations…
Multinational companies often send employees to another country for business purposes. It could be a formal or an informal assignment. An example of employees on formal assignment is expatriate. An expatriate is a person residing in another (host) country for work reasons. The…
