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 companies engaging expatriate workers in
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 effective from 2 January 2012
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 earnings to the customers. Occasionally,
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 to CITA introduced by the
Filing annual returns ensures that a business complies with the requirement of the tax laws. It also ensures that a company gets Tax Clearance Certificate (TCC) which is a requirement for government contract bidding in Nigeria. Failure to file annual returns with the FIRS attracts penalties that can become
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. Both VAT and sales tax
Recently, the Chief Judge (CJ) of the Federal High Court (FHC) issued the Federal High Court (Federal Inland Revenue Service) Practice Directions, 2021 (the Directions) in respect of tax matters and applications filed by the Federal Inland Revenue Service (FIRS). The Directions, amongst other objectives, seek to facilitate the speedy dispensation of justice relating
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 filing & assessment, collection &
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 Institutions The key objective is
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. Such shared services arrangements typically