TAX
An Overview of the Major Changes Introduced by the Finance Act to Nigeria’s Tax Regime
On 13 January 2020, the President of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari, assented to the Finance Bill (“the Finance Act”) which made substantial amendments to the primary tax legislation in Nigeria.
Value Added Tax Legislative Framework and the Authority to Amend the Chargeable Rate (1)
In a bid to shore up its revenue base to finance the 2020 budget, the executive arm of the Federal Government of Nigeria has expressed its intention to increase the chargeable rate of value added tax from 5 […]
INSIGHT: Applying VAT to ‘‘Imported’’ Services in Nigeria
Adefolake Adewusi, Florence Bola-Balogun and Tolulope Ogidi of ǼLEX review a recent decision of the Nigerian Court of Appeal on whether VAT should be payable on satellite bandwidth, and consider some legal issues which arise from […]
DEDUCTIBILITY OF PUNITIVE PAYMENTS IN CORPORATE TAX ASSESSMENT
Arguably, the most basic principles in business are minimising cost and maximising profit. Thus, it is not unnatural that businesses would seek to reduce their expenses to the barest minimum. It is likely that a business which has […]
EXPIRATION OF THE VALUE ADDED TAX EXEMPTION ON STOCKBROKING COMMISSIONS
In July 2014, the then Minister of Finance – Dr Ngozi Okonjo- Iweala signed the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 to waive payment of Value Added Tax (“VAT”) on commissions […]
THE JOINT TAX BOARD’S NEW TIN REGISTRATION SYSTEM
A pestering issue in the tax administration has been poor tax compliance, difficulty in payment of taxes, multiple taxations amongst others. To address this issue, the Joint Tax Board has introduced a new Tax Identification Number registration system. […]