Hello there
Welcome to another Tax Thursday.
You would agree with us that 2021 was an interesting year, and indeed a busy one. Just as the country was tackling its battles, the FIRS was also swamped with a few legal battles. Worthy of mention was the bid of some states majorly championed by Rivers State and Lagos State to get control over the collection and appropriation of VAT within their jurisdiction, and we all witnessed how this turned out. Additionally, just before the end of 2021, the FG released the Nigeria Finance Act of 2021, which introduced new taxes, levies, and tariffs.
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Nigeria’s Federal Inland Revenue Service (FIRS) has issued a Public Notice [BO1] to lift its May 2021 suspension of Local Filing of Country-by-Country (CbC) Reports by Constituent Entities in Nigeria. Constituent Entities are the Nigeria-based subsidiaries and branches of Multinational Enterprises. Relevant Constituent Entities are now to, with effect from January 1, 2022, duly make their CbC Reports Local Filing with FIRS in compliance with Regulation 4 of the CbC Regulations 2018 (CbC Regulations).[BO2] You may recall that the obligation placed on relevant Ultimate Parent Entities (UPEs) under Regulation 3 of the CbC Regulations was never suspended.
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Stamp duty is a levy on written and electronic documents or instruments. Stamp duties are levied on instruments on either Ad-valorem or flat rate basis and the body in charge of the administration of stamp duties is either the federal Inland Revenue Service (FIRS) (duties on instruments for transactions between corporate bodies and individuals, group, or body of individuals) or the State Internal Revenue Service (duties on instruments for transactions between individuals).
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An organization in the business of making profit and trade continuity will issue invoices, render a service, and carry out a particular function which is expected to have a direct impact on the inflow of the business. While carrying out the day-to-day operation of the business and in some unexpected situations, the proceeds from the services rendered or goods sold are either never paid or remain unpaid over a long period.
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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:
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INTRODUCTION:
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.
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Nigeria 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.
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First 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.
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VAT (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.
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Nigeria 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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