On the 9th of July, 2020, the LIRS issued a public notice to introduce additional palliative measures for its taxpayers in the face of the covid-19 pandemic. This is preceded by the earlier 3 month extension of the deadline for filing annual returns on incomes and claims by taxable persons from the 31st of March […]
read moreIn line with the need to address the impact of the COVID-19 pandemic outbreak on the Nigerian business environment and corporate governance in Nigeria, the Corporate Affairs Commission (“CAC”) has issued guidelines for the conduct of Annual General Meeting (“AGM”) of companies by proxy. The Commission noted that in view of the pandemic, companies can […]
read moreFollowing the global spread of the COVID-19 Pandemic, nations of the world are taking reactive and proactive measures to curtail the spread of the disease in their countries. In Nigeria, the governments response aimed at curtailing the spread of the disease has led to the significant restrictions in the movement of persons and goods, especially […]
read moreThe Federal Inland Revenue Service (FIRS) in its bid to continue to cushion the effects of the COVID-19 Pandemic on taxpayers (individuals and businesses alike), has rolled out further measures to support taxpayers in managing their tax obligations as they are impacted by the Pandemic. The FIRS came to this decision following the decision of […]
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The Nigerian Government has announced interventions and palliative measures to cushion the negative economic impact of the COVID-19 on individuals and business organisations respectively. On the 13th of April, 2020, the Nigerian President Muhammadu Buhari addressed the nation following the initial cessation of all movements in Lagos State, Ogun State & the Federal Capital Territory […]
read moreMITIGATING MEASURES TO REDUCE THE NEGATIVE EFFECT OF COVID-19 IN NIGERIA Tax Updates The Nigerian Government has announced palliative measures to cushion the negative economic impact of the COVID-19 on individuals and business organizations respectively. Please find below tax updates to this effect. Read More
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FOREIGN PARTICIPATION IN BUSINESSES IN NIGERIA Introduction Despite the outbreak of COVID-19, Nigeria continues to attract an increasing number of foreign investments. In 2020, the United Nations reported that Nigeria’s inflow of Foreign Direct Investments (FDI) increased by 4.3%. As the market expands, the government continually issues policies aimed at creating a conducive business environment. […]
read moreINTRODUCTION Data Protection compliance is the universally accepted practice of ensuring that sensitive data gathered by organizations and businesses is organized and managed in such a way as to enable organizations to meet enterprise business rules along with lawful and constitutional regulations. Data protection compliance entails establishing policies that outline how data protection is achieved in your organization […]
read moreThis notice is an extension of the previous notice granting a waiver on all interest accrued and penalties payable on outstanding tax debts arising as a result of desk review, tax audits and investigations if the said debt is paid in full on or before 31st of May, 2020. The timeline has been extended to […]
read morePursuant to the powers conferred by Section 38 of the Value Added Tax Act, (“VAT Act”), the Honourable Minister of Finance, Budget and National Planning (“Minister”) on February 3, 2020, issued the Value Added Tax (Modification Order), 2020 (“VAT Modification Order”). By the VAT modification order (a gazetted copy has recently become available in the […]
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