Archive | Nigeria

Nigeria: Budget for 2016 – details

Nigeria Report from Emily Muyaa, IBFD Senior Research Associate Budget for 2016 – details Details of the Budget for 2016 (see Nigeria-1, News 22 December 2015 for earlier reporting) have become available. The government proposes to reduce reliance on oil revenues (which are expected to amount to NGN 820 billion) in 2016. Non-oil revenues, comprising […]

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Nigeria: Impacts of the OECD BEPS Project on companies operating in Nigeria

Impacts of the OECD BEPS Project on companies operating in Nigeria October 2015 by PwC, Nigeria In brief On October 5 2015, the Organisation for Economic Cooperation and Development (OECD) released its final Base Erosion and Profit Shifting (BEPS) package containing measures that will significantly change existing international tax rules. The report is the result […]

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Nigeria: The New Changes At The FIRS And What Taxpayers Should Expect

With the recent appointment of Mr Babatunde Fowler as the acting Executive Chairman of the Federal Inland Revenue Service (FIRS), his primary mandate is to significantly increase Nigeria’s tax revenue collection which is currently one of the lowest in the world in terms of tax to GDP ratio. In addition, the FIRS leadership is expected to introduce reforms […]

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Nigeria: PwC secures a favourable judgement on deemed income assessment August 2015

In brief In a recent decision, the Tax Appeal Tribunal (TAT) says a tax authority must act reasonably in the exercise of its discretion to assess a taxpayer based on deemed income (or best of judgment assessment). In the instant case, the TAT rules that a deemed income assessment cannot be based on general expectation […]

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Africa: S.Africa and other similar jurisdictions – the AUDIT engagement letter

SURVIVING A TAX AUDIT UNDER THE TAX ADMINISTRATION ACT, 2011 Presented by Prof. Dr. D N ERASMUS Tel: 083 458 8422 or +1.561.568.7115 E-mail: daniel@TaxRiskManagement.com www.TaxRiskManagement.com Introduction Viking Pony Africa Pumps (Pty) Ltd t/a Tricom Africa v Hidro-Tech Systems (Pty) Ltd & another 2011 (1) SA 327 (CC) para [37]: …PAJA defines administrative action as […]

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Nigeria: A Landmark TAT decision in a VAT case on imported services

PwC secures a Landmark TAT decision in a VAT case on imported services In brief On 10 June 2015, the Tax Appeal Tribunal (TAT) sitting in Abuja held that foreign companies providing services outside Nigeria to Nigerian companies are not carrying on business in Nigeria for the purposes of the Nigerian Value Added Tax (VAT). […]

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Nigeria: Tax Summaries 25 March 2015

Nigeria: Nigeria Tax Summaries – 25 March 2015 Last Updated: 2 April 2015 Article by Taiwo Oyedele PwC Nigeria Have you ever been in a position where you needed to quickly confirm tax rates, filing deadlines, penalty for default, and other tax obligations? Even if you haven’t, don’t wait until you are stranded. Download and […]

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Nigeria: The Rate Of Withholding Tax On Construction And Related Activities Has Been Reduced From 5% To 2.5%

Nigeria: The Rate Of Withholding Tax On Construction And Related Activities Has Been Reduced From 5% To 2.5% Last Updated: 25 February 2015 Article by Taiwo Oyedele PwC Nigeria The federal government has gazetted an amendment to the Withholding Tax Regulations 1997. The amendments have a commencement date of 1 January 2015. The changes introduced are: […]

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Nigeria: Tax Appeal Tribunal says withholding tax is due on dividends from gas profits – January 2015

Tax Appeal Tribunal says withholding tax is due on dividends from gas profits January 2015 In brief The Tax Appeal Tribunal (TAT) has ruled in favour of the Nigerian tax authority to levy withholding tax on dividends paid out of gas profits by an upstream petroleum company. The judgement takes a simple view of a rather complex […]

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Nigeria: FIRS is clamping down on tax defaulters – may seal off premises and arrest principal officers

FIRS is clamping down on tax defaulters – may seal off premises and arrest principal officers  In brief In the past few weeks, the FIRS started to enforce filing of tax returns and payment of taxes by distraining property and procuring the arrest of principal officers of defaulting companies. This unconventional means of tax enforcement […]

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