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
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
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
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
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
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)
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
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
The Federal Inland Revenue Service (FIRS) alleged that MultiChoice Nigeria (MCN or the Company) had under-remitted about N1.8 trillion in taxes, and directed banks with which the Company had accounts, to freeze such accounts, recover the alleged under-remitted sum and pay over to the FIRS.
VAT was introduced in Nigeria via Decree No.102 of 1993. It replaced sales tax operated under Decree No.7 of 1986, administered by states and the FCT. By contrast, VAT is administered by the FIRS, and the revenue is shared among all three levels of government.