I feel pretty elated today for lots of reasons, but I would mention just a few. I am currently attending the Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), the biggest gathering of tax practitioners and professionals in Nigeria. It is no doubt that in recent times, taxation has indeed come to take its seat at the table as the mainstay of the economy and the sporadic shift from reliance on oil some years ago to the reliance on the revenue from taxation has made most Nigerians take taxation more seriously.
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Nigeria, also known as the “Giant of Africa” and Africa’s largest economy with a GDP of $397.47 billion ahead of South Africa with a GDP of $376.67 billion, has undermined the power of Tourism as a great source of revenue for the country.

Countries such as Dubai, South Africa and Kenya have made great returns for their government in the areas of Tourism.

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The Lagos state budget over the last decade is an average of 583.02billion, which comes as no surprise, being Nigeria’s economic capital and the highest revenue earner in terms of Internally Generated Revenue among the 36 states.

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“Go-slow” as traffic is popularly described as in Nigeria has almost become a norm. In fact, it is taken as a daily routine.
Traffic is more pronounced in certain states such as Lagos, which is economic hub of Nigeria and having a population of approximately 21 million. According to Forbes, Lagos is the 3rd worst city to drive in globally with about 60% congestion.
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Please describe your country Transfer Pricing Regulations.

The Nigerian Transfer Pricing Regulations (the ‘Regulations’) was first introduced in 2012 and revised in 2018. The Regulations are divided into 6 parts as follows:

• Part 1 – Purpose, Objective and Scope of Application;

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The Third Mainland bridge is Nigeria’s longest bridge and is one of the three bridges linking Lagos mainland and Lagos island. The bridge was originally called the Ibrahim Babangida Bridge, after the former head of state of Nigeria. It was under his rule that the bridge was completed in conjunction with the military government of Lagos State. The bridge spans 11.8km and was constructed in 1990 in response to the need to connect the Lagos island to its mainland.

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The recent revenue drive arising from fall in oil prices and the need to diversify Nigeria’s revenue away from oil to non-oil sources, such as taxation, has led to increase in the frequency of tax audits and investigations

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1. The Industrial Training Fund (ITF or the Fund) is a creation of the Industrial Training
Fund Act of 1971, as amended (the Act). It places an obligation on any employer who has a
minimum of 5 employees or an annual turnover of N50million to contribute 1% of its total
annual payroll cost to the Fund.

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The Personal Income Tax (PIT) returns filing season is here again. We have set out in this short piece information which we hope will help you in staying PIT compliant in 2019

1. Every person who earned any income in 2018 (described as a Taxable Person) must, without waiting for any notice or demand from his or her relevant tax authority (RTA), file his or her PIT returns in the form prescribed by the RTA not later than March 31st, 2019 (the Period).

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