The Federal Government of Nigeria introduced a one-time Windfall Tax on Realized Foreign Exchange (FX) Profits by Nigerian banks. This tax targets the unexpected gains banks made from foreign exchange revaluation, especially due to the unification of Nigeria’s multiple exchange rates. The government aims to
The new circular on withholding tax issued by the Nigerian Minister of Finance outlines the rules for deducting tax from payments to taxable persons under various tax acts. Key highlights include reduced tax rates for eligible transactions and residents of treaty countries, a new tax
Introduction The internet has revolutionized various aspects of modern life, providing unprecedented access to information, connectivity, and commercial opportunities. Yet, under its surface lies the dark web, a shadowy realm facilitating numerous illicit activities, including cybercrimes. Nigeria, a rapidly evolving nation in terms of digital
The Corporate Governance Code for Not-for-Profit Organizations (NPOs) in Nigeria aims to boost transparency and accountability through twelve key principles. However, implementing it faces challenges like resistance to change and resource constraints. Overcoming these hurdles requires tailored strategies, government support, and comprehensive training. Successful implementation
The Central Bank of Nigeria has raised minimum capital requirements for banks to address economic challenges, effective April 1, 2024. National commercial banks must now hold at least N200 billion, and international banks N500 billion. Banks can comply through capital infusion or mergers, with existing
Introduction The Federal Government of Nigeria, under the leadership of President Bola Tinubu, has recently introduced the Expatriate Employment Levy (EEL) through the Nigerian Immigration Service. Launched on February 27, 2024, and effective as of March 15, 2024, the EEL imposes a mandatory levy on
The Tax Appeal Tribunal (TAT) sitting in Lagos on Wednesday, 19 February 2020, delivered judgment in a matter between Prime Plastichem Nigeria Limited (PPNL) v. Federal Inland Revenue Service (FIRS). This judgement came as the first to be delivered on Transfer Pricing Regulations in Nigeria.
The Finance Act 2019 recently signed into law by the President of the Federal Republic of Nigeria came into effect on 1 February 2020. The Act introduced the much needed changes to Nigeria’s tax and fiscal laws for various strategic purposes, particularly to enable enough
It is that time of the year; when we want to establish how much inventory we would have as at the year-end. From raw materials, work-in-progress, parts and supplies and finished goods, counts would be done. It is however possible for stock count exercises to
The recent closure of the Nigerian land borders by the Federal Government came as a shock to Nigerians and neighbouring countries. This temporary policy is said to be the first of many steps towards curbing the smuggling of goods, especially rice, and the illegal movement