Why is CIT administration important? For one, it ensures that all resident & non-resident companies comply with relevant tax laws & the applicable taxes assessed are collected and used in the country’s development. What is involved in CIT Administration? Companies Income Tax administration involves tax
Background The Petroleum Industry Bill (PIB) seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities. It contains 5 Chapters, 319 Sections and 8 Schedules. Key Changes in the Bill Chapter 1 – Governance and
The increased presence of Multinational Enterprises (MNEs) across various jurisdictions has, among other things, created the need to centralise certain functions within the MNE Group. Many MNEs have adopted a shared services arrangement to centrally provide certain business support services to members of the group.
PIT Rate PIT rate is applied on a graduated scale and taxable income bands as set out below: Tax Band Tax Rate First N300,000 7 Next N300,000 11 Next N500,000 15 Next N500,000 19 Next N1.6m 21 Above N3.2m 24 How is PIT
Background On 28 May 2021, the Tax Appeal Tribunal (TAT) South-South Zone, sitting in Benin, delivered a judgment in a matter between Ecobank Nig. Ltd (“the Bank”) v Delta State Board of Internal Revenue (“the Revenue”). The matter bordered on the legality or otherwise of
Background Transfer Pricing (TP) in Nigeria is governed by the Income Tax (Transfer Pricing) Regulations, 2018 (TPR). The TPR provides that Related Party Transactions (RPTs) should be conducted in line with the arm’s length principle and provides compliance obligations for taxpayers. The annual compliance obligations
Background The Companies and Allied Matters Act 2020 (CAMA 2020 or the Act) was signed into law and gazetted with a commencement date of 7 August 2020. The Act, which repeals the 1990 Company Act, introduces wide-range of changes to Nigeria’s business environment. It is
What is Personal Income Tax? Personal income tax (PIT) is the tax imposed on the income of individuals, corporate sole or body of individuals, partners in partnership business, trustees or executors of any settlement or estate. Personal income tax in Nigeria is on a
On 24 January 2021, President Muhammadu Buhari ordered the Federal Inland Revenue Service (FIRS) to collect the statutory levy applicable under the National Agency for Science and Engineering Infrastructure (NASENI) Act. The Federal Government of Nigeria established the Agency (NASENI) in 1992 with the primary
Background It is important to recall that the Finance Act (FA) 2020 introduced an amendment to the Federal Inland Revenue Service Establishment Act (FIRSEA), empowering the Service to deploy proprietary technology to automate the tax administration process in Nigeria. The FIRS however, must give 30