Appointment of Chairman and Managing Partner
Sequel to the retirement of Mr David Abiodun Olaleye as Chairman, in line with the firm’s policy, the partners of Nexia Agbo Abel & Co. are pleased to announce the appointment of Mr Abel Onyeke as the new Chairman. Mr Onyeke is the founding partner
A Review of TAT’s Ruling on the Applicability of Withholding Tax on management Fees Paid to a Non-resident Company
On 6 December 2021, the Tax Appeal Tribunal (TAT) sitting in Lagos delivered a judgment on the applicability of Withholding Tax on management fees paid to a non-resident company. The judgment suggests that wording an item as reimbursement in a contract may not be adequate
Previously Exempted Investment Income may now be Liable to Tax Effective from 2 January 2022
Recall that on 2 January 2012, the federal government issued the Companies Income Tax (Exemption of Bonds and Short-Term Government Securities) Order, 2011. The Order granted corporate income tax waiver on all bonds and debt instruments issued by all tiers of government and corporate entities
TAT Rules on the Applicability of Withholding Tax on commissions Deducted Upfront by Betting Agents
FinSV Gaming Limited (SVG) is a sports betting business that uses a network of agents including Retail Agents throughout Nigeria to reach its customers. The customers place bets and pay the stakes to the Retail Agents. If the customer wins, the Retail Agent pays the
20 Key Changes to the 2021 Finance Act (Effective 1 January 2022)
The Bill for the amendment of the Nigerian Finance Act 2021 was transmitted to the National Assembly on the 7th of December 2021 by President Muhammadu Buhari. The Bill was subsequently passed into law two weeks after and its application is effective from 1 January
FIRS Issues Tax Return Guidelines for Free Zone Enterprises in Nigeria
Background The Federal Inland Revenue Service (FIRS) recently issued a circular setting out guidelines for filing tax returns and other compliance obligations relating to approved enterprises within Nigeria’s export processing and free trade zones. These guidelines were issued pursuant to the recent Finance Act (FA)
CBN Released Regulatory Framework & Guidelines on Mobile Money Services (MMS) in Nigeria
The Central Bank of Nigeria (CBN) has released the Regulatory Framework & Guidelines on Mobile Money Services in Nigeria. The Framework incorporates an updated version of the previous Guidelines on Mobile Money Services in Nigeria. One of the reasons for the Framework is to set
FIRS Issued Circular on Sundry Changes Including Tax Exemption for SMEs
The Federal Inland Revenue Service (FIRS) issued a circular to clarify some of the changes to the Companies Income Tax Act (CITA) introduced by the Finance Act (FA) 2020. This circular is an update of an earlier circular issued in May 2020 on sundry changes