Introduction Non-profit organizations, often referred to as Non-Governmental Organizations (NGOs), are entities that operate for purposes other than generating profit. In Nigeria, the establishment and regulation of NGOs are primarily governed by the Companies and Allied Matters Act 2020 (CAMA). These organizations are usually registered as “Incorporated Trustees” under Part F of CAMA 2020. NGOs […]

Introduction A holding company is a parent entity that owns more than 50% of the shares in another company, known as a subsidiary, with the primary purpose of controlling assets and managing the subsidiary’s affairs. Unlike typical business entities, a holding company does not engage in business operations or conduct any activities itself. Instead, it

Introduction With Nigeria’s Federal Government striving to boost tax revenue to support its expansionary fiscal policy, the Federal Inland Revenue Service (FIRS) has adopted a more aggressive approach to Transfer Pricing (TP) audits. Recent surveys indicate that this intensified scrutiny has led to significant additional tax liabilities for numerous companies, with some assessments amounting to

Introduction The Federal Inland Revenue Service (FIRS) Nigeria issued a comprehensive circular providing detailed guidance on the tax treatment of foreign exchange transactions. This circular, which replaces Information Circular No. 2024/3 issued on June 14th, 2024, aims to clarify the adjustments necessary for accurate tax computation in line with Nigeria’s tax laws. The International Financial

Introduction Tax waivers have long been a subject of debate in Nigeria, where they play a significant role in shaping the economic landscape. These incentives, including pioneer status incentives, export incentives, and rural location incentives, are designed to bolster local businesses and attract foreign investment. While they aim to stimulate industrialization and productivity, they also

Introduction The Tax Appeal Tribunal (TAT) in Nigeria requires an aggrieved taxpayer to deposit 50% of the disputed tax amount into a designated account as security for the prosecution of a tax appeal. This practice stems from the provisions of paragraph 15(7) of the Fifth Schedule to the Federal Inland Revenue Service (Establishment) Act, 2007

Introduction The rapid growth of e-commerce has transformed the way businesses operate, offering unparalleled convenience to consumers and opening new avenues for entrepreneurs. However, the surge in digital transactions also presents challenges for tax authorities, as tax evasion in the digital marketplace becomes a pressing concern. This article explores the challenges associated with e-commerce and

Introduction The National Pension Commission (PenCom) has released a new Circular addressing “Emerging Matters on the Payment of Voluntary Contribution (VC) under the Contributory Pension Scheme (CPS).” This Circular follows a review of submissions from the Pension Fund Operators Association of Nigeria and other contributors, focusing on the Pension Reform Act (PRA) 2014 and existing

Introduction Tax amnesty programs are powerful tools employed by tax authorities to encourage voluntary compliance, boost revenue, and bring previously undisclosed assets into the formal economy. In Nigeria, where combating tax evasion is a priority, tax amnesty programs have become instrumental in fostering a culture of voluntary disclosure. This article explores the significance of tax