Some provisions in the Nigerian tax laws are outdated and ambiguous.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…
The Federal Government of Nigeria wants to introduce excise duty on carbonated drinks such as soft drinks and beverages that contain carbonated water. Excise duty is a charge on the production, sale or use of certain locally produced goods. The…
On October 8, 2019, President Muhammadu Buhari presented the 2020 Budget and Finance Bill to the National Assembly for consideration and passage into law. The total revenue available to fund the 2020 budget is projected at ₦8.155 trillion (7% higher…
The Nigerian Senate has proposed a Communication Service Tax Bill (2019) as extra revenue for the national budget. Communication service tax (CST) is a charge of 9% on electronic communication services such as voice calls, SMS, MMS, pay per view…
