The Financial Reporting Council of Nigeria, FRCN, revokes its Rule 4 that requires a company to get an approval or register specific transactions with the relevant statutory body in Nigeria before an entity can report such transaction in audited accounts.…
As a fiscal measure to encourage investment in the capital market, the Federal Government of Nigeria issued the VAT (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (Exemption Order) on 25 July 2014. The Exemption Order amended the First…
Welcome to BRC’s monthly series on Tax Highlights in Nigeria. The month of June 2019 was filled with tax cases. Here are four (4) major events that shaped the Nigeria tax space in June 2019. Tax Appeal Tribunal affirms exemption of…
One of the objectives of the African Continental Free Trade Area (AfCFTA) is to increase Africa’s trade in the international marketplace. Through a mutual agreement among member countries, Africa can create sound policies for trade negotiations with other continents. AfCFTA…
The Court of Appeal has overruled the decision of the Federal High Court (“FHC”) in Stanbic IBTC Holdings Plc (“Stanbic”) vs Financial Reporting Council of Nigeria (FRCN) & Anor (2015), which declared that failure to get approval from NOTAP for…
The Federal Executive Council has approved a rate of 0.2 percent on qualifying imports coming into Nigeria from the African Union (AU) countries. This approval is a sequel to the decision reached at the AU Summit for Heads of States…
In Nigeria, the government generates revenue from the taxation of individuals and businesses. Nevertheless, the Federal Government of Nigeria may exempt a business from corporate income tax for a specific period. This type of tax exemption is known as a…
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…
