PKF Nigeria Tax Update - 11 02 2021
FINANCE ACT 2020
In fulfilment of his promise to issue a Finance Act annually to accompany the nation’s budget, the President, Muhammadu Buhari presented the 2020 Finance Bill to the National Assembly on 8th October 2020.
According to the President, the Finance Bill would support the implementation of the 2021 budget through key reforms in taxation, customs, excise, fiscal and other laws.
After extensive stakeholders’ engagement, the Bill was passed by both houses of...
Quarterly Tax Newsletters - 16 11 2020
Recent Business Disruptions - Further tax palliatives to ameliorate the effect of COVID 19 and EndSARS Protests.
It is no longer news that COVID-19 hit the global economy hard. The impact of the pandemic ranges from the drastic decline in business activities to organizations shutting down their operations and laying off of employees, just to mention a few. The impact of the pandemic can hardly be ignored. While organizations are still licking this wound, “EndSARS Protest” broke out.
Quarterly Tax Newsletters - 30 09 2020
The Finance Act 2019 was introduced by the Government of Nigeria in the year 2020 to promote the ease of doing business in the Country for Small and Medium Enterprises and align with best practices around the world. Significant Changes were made to The Company Income Tax Act, VAT Act, and Capital Gains Tax Act
The Honorable Minister of Finance, Budget and National Planning in the first quarter of the year 2020 issued the Company Income Tax (Significant Economic Presence) Order to support the Finance Act 2019.
Some of the activities now recognized as taxable transactions are electronic commerce, app store, e-data storage, participative network platform and so on. Also, any trade or business which entails the receipt of services from persons outside Nigeria to a person resident in Nigeria...