In September 2021, the VAT (Modification) Order was signed, and it was subsequently issued by the Minister of Finance, Budget, and National Planning in October, with a commencement date of 30th July 2021. This Order brings about significant modifications and expansions to the list of exempted goods and services outlined in the First Schedule to […]
UNDERSTANDING THE VAT (MODIFICATION) ORDER OF 2021. Read More »
Nigeria embraced the Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) on January 27, 2016, paving the way for the introduction of the Income Tax (Country-By-Country Reporting) Regulations in 2018. This regulatory framework serves as a crucial administrative tool for Country-By-Country (CBC) reporting in Nigeria, aligning with the OECD’s Base Erosion and Profit Shifting (BEPS) Action
UNDERSTANDING NIGERIA’S COUNTRY-BY-COUNTRY REPORTING REGULATIONS. Read More »
The Finance Bill 2021 has been presented to the National Assembly for deliberation, featuring substantial amendments to 12 different laws, set to take effect in 2022. Here are the key proposed changes introduced by the Finance Bill 2021: Capital Gains Tax Company Income Tax Federal Inland Revenue Service Establishment Act Nigeria Police Trust Fund (Establishment)
NIGERIA’S FINANCE BILL 2021: NOTABLE PROPOSALS AND CHANGES. Read More »
The Companies Income Tax Act, Cap C2, LFN 2004 (“CITA”) serves as the overarching income-tax administrative framework for companies operating in Nigeria. Notably, Section 16 of CITA is specifically tailored to address the unique income-tax administrative requirements of companies within the insurance sector. In a significant revision brought about by the Finance Act 2021 (“The
UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA. Read More »
Overlooking the importance of tax planning can result in costly mistakes. Individuals who neglect careful planning often find themselves paying more in taxes than necessary, leading to frustration. Fortunately, there are proactive measures to avoid such pitfalls, and tax planning stands out as a crucial strategy. Tax planning involves the development of a financial strategy
OPTIMIZE YOUR FINANCES THROUGH STRATEGIC TAX PLANNING. Read More »
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