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…
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…
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.…
Some provisions in the Nigerian tax laws are outdated and ambiguous.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…
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…
Hauwa Obi got a promotion! She also received a pay raise in September 2020. Based on her understanding of Nigeria payroll, she was able to estimate her net salary after deducting statutory contributions. She was, however, surprised to receive a…
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…
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…
