2019 POVERTY AND INEQUALITY REPORT IN NIGERIA

The 2019 Poverty and Inequality Report released by the National Bureau of Statistics (NBS) reveals that 40.1% of Nigerians are poor. In other words, on average 4 out of 10 individuals in Nigeria are estimated to have real per capita expenditures below 137,430 Naira per year.


According to the United Nations Population Fund (UNFPA) 2019 Population Statistics, Nigeria has a population of 201 million. This translates to over 80 million Nigerians who are considered
poor by national standards.

What You Need to know about Companies Income Tax (CIT) Incentive in Nigeria

Companies Income Tax (CIT) is tax on the profits of incorporated entities in Nigeria. It also includes the tax on profits of non-resident companies who accrue or derive profits from Nigeria or bring or receive their income in Nigeria. It is therefore commonly referred to as corporate tax. CIT was created by the Companies Income Tax Act (CITA or the Act), it is one of the taxes administered and collected by the Federal Inland Revenue Service (“FIRS” or “the Service”).

Here are the tax incentives on CIT in Nigeria including the relevant incentives in the 2019 Finance Act:

What you need to know about Personal Income Tax Incentives in Nigeria

Tax incentives are special arrangements in the tax laws to attract, retain, or increase investments in a sector. Incentives may be granted on an industry basis.

To buttress on the definition; Tax incentives are deductions, exclusions or exemptions from a tax liability offered as an enticement to engage in a specified activity that would benefit the economy of a country in the long run.

In this piece, we have highlighted the relevant tax incentives related to the Personal Income Tax (PIT) in Nigeria including the relevant incentives in the 2019 Finance Act.

COVID-19, THE SAUDI-RUSSIA OIL WAR AND THE NIGERIAN OIL ECONOMY

Introduction

Over  90%  of  Nigeria’s  foreign  exchange  earnings  is  derived  from  the  Oil  and  Gas  Sector, constituting the very essence of the nation’s economy – a development following the 1956 breakthrough  discovery  of  oil  (in  commercial  quantity)  in  Oloibiri,  the present  day Bayelsa state. The Appropriation Acts of the Nigerian government, from past to present evidence a monotonous economy; one dependent on oil exports.

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THE TAXAIDER NEWSLETTER VOL 2, ISSUE 4 (APRIL 2020)

First Thoughts: Much Ado About Changes!

In my last editorial exactly five weeks ago today, I mentioned that I was writing from somewhere besides my office desk for the first time in a while. Well, that has not changed much, except that I am not exactly writing from my reading table at home this time but of course, I am still at home like many of you probably are. It’s been six weeks and counting now since I started ‘remote working’ along with my work colleagues and millions of people all over the world.

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