My Blog - Page 7 of 26

FIRS EXTENDS WAIVER OF INTEREST AND PENALTIES ON OUTSTANDING LIABILITIES

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 30^th November 2021.

However, on 30^th November 2021, FIRS via the Tax Pro-Max announced the suspension on interest and penalties for all taxes on back years assessment till 31^st December 2021.

NIGERIA’S COUNTRY-BY-COUNTRY REPORTING REGULATIONS: WHAT YOU NEED TO KNOW

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.

THE TAXAIDER NEWSLETTER VOL 3, ISSUE 11 (NOVEMBER 2021)

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.

VAT (MODIFICATION) ORDER: WHAT YOU NEED TO KNOW

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.

TAX IMPLICATION OF FREE TRADE ZONE TRANSACTIONS

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

GUIDELINES ON SIMPLIFIED COMPLIANCE REGIME FOR VALUE ADDED TAX (VAT) FOR NON-RESIDENT SUPPLIERS

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.

THE TAXAIDER NEWSLETTER VOL 3, ISSUE 10 (OCTOBER 2021)

First 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.

TAX INCENTIVES FOR BUSINESS IN EXPORT PROCESSING ZONES (EPZ) AND FREE TRADE ZONES (FTZ)

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.

TAX IMPLICATIONS OF MERGERS AND ACQUISITIONS

As 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.

TRANSFER PRICING (TP): WHAT YOU NEED TO KNOW

Transfer Pricing (TP) is described as the method by which connected organizations or related parties price goods, assets, services, intellectual properties, loans, and other commercial transactions between them. Transfer Pricing can be reasonably considered as an economic and legal tool used by business entities for the optimization of their tax burden. If the framework in which TP is implemented is legal, it provides significant tax benefits to businesses.