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 […]

 President Bola Ahmed Tinubu introduced the Expatriate Employment Levy (EEL) on Tuesday, 27 February 2024. This levy is a compulsory contribution imposed on companies employing expatriate workers in Nigeria, with specific exemptions. Its aims are to facilitate skills transfer, promote economic equilibrium and social welfare, foster collaboration between the public and private sectors, and manage

Nigeria has been actively refining its Transfer Pricing (TP) regulations to align with global standards and combat tax evasion. The year 2023 marked significant developments in Nigeria’s TP landscape, setting the stage for further reforms and enforcement actions in 2024. Review of 2023 TP Developments in Nigeria: Outlook for Nigerian TP Space in 2024: Conclusion:

Introduction Tax incentives play a crucial role in government taxation policies by reducing tax obligations to stimulate specific economic activities. These incentives are especially vital for attracting investments and fostering growth, particularly in developing countries like Nigeria. However, recent discussions have raised concerns about the effectiveness and impact of these incentives on businesses and the

The Federal Inland Revenue Service (FIRS) has announced the implementation of a self-registration module on its TaxPro-Max (TPM) platform, as detailed in a recent public notice. This development is part of FIRS’s ongoing efforts to improve customer service and simplify tax compliance procedures for taxpayers across Nigeria. Key Points of the Self-Registration Module: Looking Ahead:

Introduction The Federal Inland Revenue Service (FIRS) recently announced a significant change regarding the electronic filing of Transfer Pricing (TP) returns and Country-by-Country Reporting (CbCR) notifications. In a public notice, FIRS informed taxpayers about the migration of these filings from the E-TPPLAT platform to the TaxPro-Max (TPM) platform. This move aligns with FIRS’s ongoing efforts

In the current Nigerian business environment, companies face the need to adopt effective strategies to maintain competitiveness, ensure growth, and enhance profitability. Business restructuring is one such strategy to achieve optimal performance. Inefficient business structures, coupled with external factors like poor infrastructure and adverse government policies, can pose significant challenges to companies. Additionally, regulatory requirements

During the life cycle of a business, decisions to acquire or divest business lines may be made to create synergies or improve financial performance. In the telecommunications industry in Nigeria, major companies engaged in significant asset transfers, selling off around 30,000 base transceiver stations tower assets in deals exceeding US$300 million in 2014/2015. Economic challenges,

The Nigerian tax authorities, led by the Federal Inland Revenue Service (FIRS) and State Internal Revenue Services, have been actively working to enhance tax collections and increase government revenue through various schemes and tax amnesty programs. Despite these efforts, the level of tax compliance in Nigeria remains relatively low. A recent report from the International