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President signs the 2020 Budget into law – Nigeria

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…

Finance Bill 2019 to amend various tax laws in Nigeria

Some provisions in the Nigerian tax laws are outdated and ambiguous.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…

doing business in Nigeria

Ease of doing business in Nigeria 2020 report

The World Bank (WB) recently released its Ease of Doing Business 2020 Report. Each year, WB releases this report that compares business regulation for local firms in 190 economies. Nigeria’s ranking jumped from 146 to 131; representing its second-highest annual progress…

VOARS

Voluntary Offshore Assets Regularization Scheme (VOARS) in Nigeria

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…