The Federal Inland Revenue Service (FIRS) has introduced measures to improve the tax audit experience for all taxpayers in the country.The New measure have reduced the tax audit cycle to 63 days from 90 days and cut out multiple tax audits by various tax authorities through an MoU signed with the Joint Tax Board (JTB)
The Ports in Nigeria play a crucial role in socio-economic development by being the cheapest mode of transferring cargoes for importation and exportation. The average number of vessels that enter the Nigerian ports yearly is about 4,876.
The major Nigerian imports include industrial supplies, capital goods, fuel and lubricants, vehicles, transport equipment and consumer goods. Most of the imports come in from Europe, Asia, Africa and America.
2019 BUDGET OF 36 STATES (EXCLUDING FCT) WITH A REVIEW OF THEIR RECURRENT AND CAPITAL EXPENDITURE
Highlights of various states 2019 budget according to their geographical locations, namely;
- North Central: Benue, Kogi, Kwara, Nasarawa, Niger, Plateau, Federal capital Territory (FCT)
Nigeria tops the chart as Africa’s most populated country and ranks 7th in the world with a population of approximately 201 million according to United Nation’s Population Fund . This is an increase of 5 million compared to that of 2018 of approximately 196 million .
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.
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.
“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;
1.0 INTRODUCTION
The National Housing Fund (NHF) Act No. 3 of 1992 (NHF Cap. N45 Laws of Federation of Nigeria (LFN) 2004) commenced operation on January 31, 1992 with the broad aims and objectives to facilitate mobilization of funds for housing development. A new Act is being enacted known as NHF (Establishment) Act, 2018 to repeal and replace the NHF Act Cap. N45, LFN 2004.
