I n this briefing, we examine the Finance Act Amendment Bill of 2024, a legislative proposal that aims to introduce new sections to the Finance Act of 2023. This Bill introduces a new “windfall tax” provisions designed to specifically impact commercial banks. Our analysis will explore the specific amendments proposed, their broader economic implications, and […]
T he Federal Government through the Minister of Finance has issued a Deduction of Tax at Source (Withholding) Regulations 2024 (“the Regulations”) which takes effect from July 1, 2024. This Regulation effectively replaces the 2006 Regulations and introduces significant changes to the existing tax deduction framework. These regulations reflect a comprehensive update aimed at enhancing […]
O n April 19, 2024, the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which revolutionizes the way companies present and disclose information in the financial statements. This Standard was issued separately and does not form part of teh compendium issued by the IASB in 2024.
I n May 2023, the Federal Government of Nigeria through the Presidency, signed the Financial Reporting Coucil of Nigeria Amendment Act No. 42 of 2023 (“the Amendment Act”) into law. This legislation introduced amendments to selected sections of the Financial Reporting Council of Nigeria Act No. 6 of 2011 which remains in force.
T he Federal Inland Revenue Service (FIRS) has introduced a self registration module on the tax administration solution platform, the TaxPro-Max. This was communicated through a Public Notice issued by the Service on the 11th March 2024 on its official X social media handle.
T he Federal Government of Nigeria on 27 February 2024 issued the Expatriate Employment Levy Handbook that was designed to “address certain socio-economic considerations within the country and seeks to balance the benefits of expatriate employment with the protection of Nigeria’s local labour markets and resources.”
T he Tax Appeal Tribunal sitting in Lagos has allowed an appeal by Checkpoint Software Technologies B.V Nigeria Limited (“the Company”) against the Federal Inland Revenue Service (“the FIRS” or “the Service”) which challenged the imposition of administrative penalties on the Company for failure to comply with the Income Tax (Country-by-Country Reporting) Regulations of 2018 […]
O n the 31st of December 2020, the President signed a new Finance Bill into law. This Act amends various extant tax legislations and introduced new practices in the administration of tax in Nigeria. This briefing is the first of many part series aimed at sensitizing the public on the impact of the latest legislative […]
The Tax Appeal Tribunal (“the Tribunal”) Ruling on Treatment of Rental Income as Taxable Income for Value Added Tax T he Tax Appeal Tribunal (“the Tribunal”) on Thursday the 10th September 2020 delivered its ruling on the treatment of rental income as taxable income for Value Added Tax. This briefing examines the ruling and its […]
The application of Value Added Tax to rental income has been a major tax issue without clarity. Guidance was provided following a decided court case which clarified that “rent received on