This articles aims to explore the highlights of the 2022 Finance Bill and how it will influence the future of taxation in Nigeria.
Introduction The mandatory payment of 50% of tax assessed has been reversed. This is a fundamental change in the Rules. Now a taxpayer who intends to appeal would not need to pay 50% of the disputed tax into an account designated by the Tax Appeal Tribunal (TAT) as security for the appeal. Voiding Court Order […]
INTRODUCTION Pursuant to section 12(2)(a) of the NITDA Act (National Information Technology Development), companies and enterprises enumerated in the Third Schedule and having turnover of #100,000,000 and above are liable to pay a levy of 1% of their Profit before Tax (PBT), in the relevant accounting year. The Third Schedule provides; – Businesses which section12(2)(a) […]
Facts You Need To Know Introduction Section 66 of the CITA provides: “If the Service discovers or is of the opinion at any time that any company liable to tax has not been assessed or has been assessed at a lesser amount than that which ought to have been charged, the Service may, within the […]
INTRODUCTIONThe manufacturing industry is a fundamental part of any nation’s economy. The growth of this industry in Nigeria has been hindered by many factors such as the epileptic power supply, tax compliance burden, high cost of importation etc.The government however has made conscious effort to improve fiscal policies to ensure growth and the Finance Act […]
INTRODUCTIONOffshore trusts are usually set up by High net-worth individuals (HNIs) and business owners seeking to ensure that their assets and investments are held to guarantee optimal returns and preservation of wealth. The generally adopted structure for this purpose is the Private Trust Agreement.A trust is an arrangement whereby legal ownership of certain assets is […]
The Finance Act (“FA”) 2019 amended some provisions of the Value Added Tax Act (“VATA”) Cap V1, LFN 2004 (as amended). The Federal Inland Revenue Service (“FIRS”) Circular is issued as guidance to all stakeholders and FIRS position onappropriate implementation of relevant provisions of the VATA.In this tax alert, we examine relevant matters clarified in […]
Nigeria is capturing only a fraction of its digital economic potential and will need to make strategic investments to develop a dynamic, transformative digital economy, according to a new World Bank assessment. The Nigeria Digital Economy Diagnostic says that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria […]