Nigeria Tax Highlights – May 2019

Welcome to BRC’s monthly series on Tax Highlights in Nigeria.  The month of May 2019 was filled with hot topics in tax. Here are five (5) major events that shaped the Nigeria tax space in May 2019.

1. The Federal Executive Council (FEC) approves a new import levy in Nigeria. More details here.
2. The Federal Inland Revenue Service announces plan to collect value added tax (VAT) on online transactions. More details here.
3. Nigerian Economic Summit Group (NESG) holds “Better Tax” initiative. The aim is to focus on the non-oil sector as a means for generating fiscal revenue. More details here.
4. The Federal Inland Revenue Service announces plan to collect value added tax (VAT) on lottery and gaming activities. More details here.
5. Bank Verification Number (BVN) of residents in Lagos state will soon be a requirement for performing transactions with the Lagos State Internal Revenue Service (LIRS). More details here.