Nigeria Tax Highlights – May 2020

May 2020 had the highest number of tax events compared to other months in the year. While the economy was opening after the post-COVID 19, the government was releasing several tax updates. The tax news came from tax authorities, Finance Minister, and President. Last month was the busiest in the Nigerian tax space for 2020. In case you missed the major tax headlines, here are the seven (7) events that shaped the Nigeria tax space in May 2020.

  1. President Buhari waived Value Added Tax (VAT) and import duty for essential medical equipment and supplies. More details here.

     

  2. Federal Inland Revenue Service (FIRS) released seven (7) information circulars on Finance Act 2019. These circulars relate to 3 tax laws; companies’ income tax, value added tax, and stamp duties act.
    – Commencement rule, cessation rule, and business reorganization. The article on deletion of commencement rule is here.
    – Sundry provisions in companies income tax act (CITA)
    Taxation of real estate investment companies
    Taxation of insurance companies
    Operation of regulated securities lending transaction
    Stamp duties
    – Value added tax. To read changes in VAT act, click here.
    For more details on the seven circulars, click here.
  3. FIRS introduced a new Large Tax Office Non-Oil in Apapa. More details here.

     

  4. FIRS extended the deadline for AEOI common reporting standard. The report applies to financial institutions. To read the full article, check here.

     

  5. LIRS extended Form A deadline by another one month. More details here.

     

  6. Finance Minister released Value Added Tax (Modification) Order 2020. More details here.

     

  7. Finance Minister issued the Companies income tax (Significant economic presence) order in Nigeria. It includes new rules for the taxation of foreign companies in the digital economy. More details here.
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