Introduction The Financial Reporting Council of Nigeria (FRCN) Amendment Act of 2023 brings about significant changes to the regulatory landscape for businesses operating in Nigeria. These amendments, aimed at enhancing transparency, accountability, and good governance, have far-reaching implications for Public Interest Entities (PIEs) and professionals within the business sector. In this analysis, we delve into

Introduction The Nigerian Export Promotion Council (NEPC) was established in 1976 with the primary objective of diversifying the country’s economy away from over-reliance on oil revenue. One of the key initiatives introduced by NEPC is the Export Expansion Grant (EEG) Scheme, which operates under the Export (Incentives and Miscellaneous Provisions) Act. The EEG Scheme is

Introduction Taxation plays a crucial role in revenue generation for governments worldwide, and Nigeria is no exception. Taxpayers are obligated to comply with tax laws, while tax authorities oversee tax administration at different levels of government. However, the efficiency and effectiveness of tax administration directly impact taxpayers’ experiences and business operations. In light of this,

The Federal Ministry of Finance, under the Office of the Honorable Minister of Finance and Coordinating Minister of the Economy, has recently issued a circular titled “Fiscal Incentives for the Presidential Gas Growth Initiative.” The circular aims to foster an environment conducive to increased investment in the gas sector, thereby contributing to economic development in

Introduction The Tax Appeal Tribunal (TAT) in Lagos made a significant ruling on 19 October 2023 regarding the applicability of Value Added Tax (VAT) on rental income derived from real estate properties. The case between NGX Real Estate Limited (NGX) and the Federal Inland Revenue Service (FIRS) centered on whether rental income should be subject

Transfer Pricing (TP) audits are crucial for tax authorities to evaluate taxpayers’ compliance with TP laws and the arm’s length principle. In Nigeria, the Federal Inland Revenue Service (FIRS) conducts TP audits to ensure Related Party Transactions (RPTs) adhere to regulatory standards. These audits involve meticulous reviews of taxpayers’ operations, documents, financials, and economic data

Introduction The parallel foreign exchange market, often referred to as the ‘black market’, has become a significant aspect of the economy in many developing countries, including Nigeria. This market serves as a crucial source of foreign exchange for individuals, businesses, and various economic participants. However, its unregulated nature poses challenges for government oversight and control

The Federal Ministry of Interior (FMI) has decided to suspend the implementation of the Expatriate Employment Levy (EEL), which was launched by President Bola Ahmed Tinubu on Tuesday, 27 February 2024. You may read our earlier article on this development here. This decision comes following a press release issued by the Nigerian Association of Chambers of