COVID-19 and its Tax Implications in Nigeria

There is no doubt that COVID-19 hit all economies globally really hard. From the drastic decline in business activities to some organisations shutting down operations, the impact of the pandemic can hardly be ignored. To curb the rate at which the disease is rapidly spreading a number of countries have restricted movement with some implementing outright lockdowns.

I once heard that there are two things that are certain in this life; death and taxes. However, to mitigate the effects of the global pandemic, the governments of many countries have implemented monetary and fiscal measures; Nigeria is one of such countries and a number of palliative measures have been put in place, one of which is the proposed Emergency Economic Stimulus Bill 2020. Please read our thoughts on this Bill here in case you missed it. As it stands taxpayers still have to comply with their tax obligations either as it relates to tax filings or remittances.

Read More

Nigeria’s Common Reporting Standard – 6 Crucial Things Your Financial Institution Should know and Implement (Part 1)

Overview

Tax Authorities in Nigeria have been and will always be looking for means to avoid or reduce profit shifting, base erosion and to also get information on the financial accounts of  individuals and corporate entities in different jurisdiction, which is not a surprise that Nigeria signed a Common Reporting Standards (CRS) Multilateral Competent Authority Agreement (MCAA) a few months after the Voluntary Asset and Income Declaration Scheme (VAIDS) back in 2017.

Read More

TaxThursday – 02.04.2020

There is no doubt that COVID-19 hit all economies globally really hard. From the drastic decline in business activities to some organisations shutting down operations, the impact of the pandemic can hardly be ignored. To curb the rate at which the disease is rapidly spreading a number of countries have restricted movement with some implementing outright lockdowns.

I once heard that there are two things that are certain in this life; death and taxes. However, to mitigate the effects of the global pandemic, the governments of many countries have implemented monetary and fiscal measures; Nigeria is one of such countries and a number of palliative measures have been put in place, one of which is the proposed Emergency Economic Stimulus Bill 2020. Please read our thoughts on this Bill here in case you missed it. As it stands taxpayers still have to comply with their tax obligations either as it relates to tax filings or remittances.