The Finance Bill 2021 has been transferred to the National Assembly for consideration. The new bill introduces several amendments to 12 different laws and takes effect in 2022. Below are some of the key proposed changes introduced by the Finance Bill 2021:
Read MoreINTRODUCTION:
The Federal Inland Revenue Service (FIRS) via a public notice announced an extension of the deadline for filing Company Income Tax Returns due from January 2021 to November 2021 to 30th November 2021.
However, on 30th November 2021, FIRS via the Tax Pro-Max announced the suspension on interest and penalties for all taxes on back years assessment till 31st December 2021.
Read MoreNigeria signed the Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) on the 27th of January 2016 and thereafter introduced the Income Tax (Country-By-Country Reporting) Regulations in 2018 as an administrative framework for CBC reporting in Nigeria.
Read MoreFirst Thought: The Art of Minimalism
In a world that seems to be constantly increasing in complexity, it is comforting to imagine that happiness relies on simplicity. Minimalism is the art of knowing how much you need and then showing gratitude for just that.
Read MoreVAT (Modification) Order of 2021 which was signed in September 2021 was issued by The Minister of Finance, Budget, and National Planning in October with a commencement date of 30th July 2021. The Order modifies and expands the list of exempted goods and services in the First Schedule to the Value Added Tax (VAT) Act and provides clarification on the exempted items already listed in the Value Added Tax (VAT) Act.
Read MoreNigeria as a country is always looking for ways to increase foreign and local investments, businesses, and participation in the country and one way of doing this is the establishment of Free Trade Zones. This is not alien to only Nigeria but other countries like Tanzania, Libya, Liberia, Egypt, Mauritius, China Hong Kong, Turkey, etc. Nigeria has 42 licensed Free Trade Zones and 14 functional and operational Free Trade Zones
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Guidelines on Simplified Compliance Regime for Value Added Tax (VAT) for Non-Resident Suppliers
The Finance Act (FA) 2020 introduced certain amendments to the Value Added Tax Act (VATA). Section 10 of the VATA requires that non-resident persons making a taxable supply of goods and services to Nigeria be registered for tax purposes and obtain a Tax Identification Number (TIN). Also, FIRS is required to issue guidelines to give effect to the provisions of Section 10 of the Act.
Read MoreFirst Thoughts: Staying On Top Of Your Game
“How do I stay on top of my game”? This is a question I often get about self-development. The answer is simple, but not easy. However, it’s key to being the best version of yourself, thus maximizing your potential.
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Export Processing Zones and Free Trade Zones play a significant role in modern-day globalization, international investment, and free trade. While different countries treat Free Trade Zones (FTZ) and Export Processing Zones (EPZ) differently, almost all of them institute at least partial tax exemption for their citizens and companies operating within their territory. These arrangements led to large enterprises of various nationalities taking advantage of such favourable policies.
Read MoreAs the economic policies of the country are evolving, businesses are always looking for ways to restructure their businesses in a bid to develop strong and efficient business policies to remain in business or stock quotation. Corporate restructuring could also be because of the failure of a business, a need for expansion, or an example when the government increased the minimum capital for banks and insurance companies. There are many ways in which a company can achieve business or corporate restructuring or reorganization.
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