Introduction Transfer Pricing (TP) has become a crucial aspect of tax regimes in various African countries, with nations like South Africa, Kenya, Ghana, and Nigeria adopting TP regimes over a decade ago. While there has been notable progress in the implementation and compliance levels of TP, several challenges persist, impacting both taxpayers and tax authorities. […]

Introduction The approval of the 2023 Fiscal Policy Measures (FPM) and Tariff Amendments garnered significant attention, raising both anticipation and concerns within various sectors. This pivotal decision, announced through a circular by the Honourable Minister of Finance, Budget, and National Planning (HMFBNP), Mrs. (Dr.) Zainab Shamsuna Ahmed, carries implications that warrant a closer examination. Key

Managing wealth for High-Net-Worth Individuals (HNIs) goes beyond the traditional concerns of investment returns and asset allocation. Tax planning and compliance are integral components of wealth management for this demographic, given the complexities and challenges they face, particularly concerning international investments and assets. In this article, we delve into the nuances of tax management for

Overview As of July 30, 2021, the Value Added Tax (Modification) Order, 2021 came into effect, ushering in notable changes to Nigeria’s tax landscape. The Order, signed by the Honorable Minister of Finance, Budget, and National Planning, expands and refines the list of goods and services exempted from Value Added Tax (VAT) under the VAT

The passage of the Nigeria Startup Bill by the National Assembly in 2022 marked a significant milestone in fostering an enabling environment for technology-driven startups in Nigeria. This article delves into the key provisions and implications of the Startup Bill, highlighting its impact on the country’s digital economy and startup ecosystem. Background and Objectives The

Overview In a notable ruling on 21 July 2022, the Tax Appeal Tribunal (TAT) tackled critical tax issues in the case involving Dangote Industries Limited (Dangote) and the Federal Inland Revenue Service (FIRS). This case not only sheds light on fair hearing principles but also delves into the application of Excess Dividend Tax and VAT

Introduction In a move geared towards optimizing tax administration and fostering efficiency in revenue collection, the Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS) signed a landmark Memorandum of Understanding (MoU) on 6 February 2023. This strategic collaboration aims to streamline tax audit and investigation processes, promote the exchange of vital

Introduction The Finance Act of 2023, a pivotal piece of legislation signed into law on 28 May 2023 by former President Muhammadu Buhari, heralds significant amendments across various tax and regulatory frameworks in Nigeria. With an effective date of 1 May 2023, this Act introduces a spectrum of modifications impacting the Capital Gains Tax Act,