Insights
Driven by a dedicated team of technical research analysts, Our Insights page offers detailed information and unique solutions to specific industry issues or regulatory changes per time.
Most Recent
Finance Act 2019
Government’s objectives for the Act are: ▪ Reformation of Nigeria’s tax law to align with global best practices; ▪ To support MSMEs through the ease of doing business initiative; ▪ Encouraging investments in infrastructure and capital markets; and ▪ Raising government...
read moreIncome Tax (Common Reporting Standard) Regulations, 2019
The Federal Inland Revenue Service (“FIRS” or “the Service”) recently issued the Income Tax (Common Reporting Standard) Regulations, 2019 (“The Regulations”) in accordance with the provisions of the Multilateral Convention on Mutual Administrative Assistance in Tax...
read moreFEDERAL GOVERNMENT TO INCREASE VALUE ADDED TAX RATE FROM 5% TO 7.2%
The Federal Executive Council on Wednesday, 11th September 2019, approved that the Value Added Tax (VAT) rate be increased from the current rate of 5% to 7.2%. This proposed increase was announced by the Honorable Minister of Finance, Budget and National Planning......
read moreThe Nigeria Police Trust Fund (Establishment) Act, 2019: A Step in the Right Direction?
The President of the Federal Republic of Nigeria recently signed into law the new Nigeria Police Trust Fund (Establishment) Act, 2019 (“the Act”). This Act establishes the Nigeria Police Trust Fund (“the Fund”) in favour of the Nigerian Police Force (“the Police”)....
read moreBRIDGING THE CORPORATE GOVERNANCE GAP IN NIGERIA
Poor corporate governance has been the Achilles’ heel of many corporations worldwide. Nigeria is not immune to this fact, especially as corruption is prevalent in the nation. The attention of the world was drawn to major corporate governance issues in Nigeria in 2007...
read moreNOTAP Approval No Longer Required for Recognition of Contract Obligations in Financial Statements.
The Financial Reporting Council of Nigeria (FRCN) has issued a Public Notice (the “Notice”) revoking its Rule 4 (“the Rule”) titled “Transactions requiring registration from statutory bodies such as the National Office for Technology Acquisition and Promotion”. The...
read moreFIRS DEMANDS DEDUCTION OF WITHHOLDING TAX AND CHARGE OF VALUE ADDED TAX (VAT) ON COMMISSIONS, DISCOUNTS AND REBATES
The Federal Inland Revenue Service (FIRS) has issued a public notice on the deductibility of withholding tax (WHT) and value added tax (VAT) on compensation and/or commission due to distributors, dealers and/or agents. CLICK HERE FOR FULL ARTICLE
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