Tax Matters Nigeria

February 2013 Tax Calendar

I am sure many of us are still wishing our friends and loved ones a “Happy New Year” - which is okay - but the reality is that the year is not so new anymore.  January is gone and February is here with us. While we are all happy to see a new month remember it also means another cycle of tax compliance deadlines must be met.

Here is our February 2013 Tax Calendar to assist you in this regard. I hope you managed to file the annual return of employee emoluments yesterday.

Have a fantastic February!

Download Tax Calendar_February 2013

Fiscal fair play

Read my article in today's Guardian Newspaper on "Fiscal Fair Play - Why some animals should not be more equal than others".

Attached is a soft copy of the article for your reading pleasure.

Download Fiscal fair play 

2012 in retrospect - a year of tax frenzy like no other

Although 2012 has come and gone, it leaves behind indelible marks in many areas including taxation - some of these are very good while a few are not so great.

In case you have missed any of my updates on the tax changes, you have the opportunity to catch up on the key issues.

Read my article published in today's BusinessDay for a tax review of 2012.

2012 in retrospect

January 2013 Tax Calendar

Happy new year and welcome to 2013!

Below is the link to our January 2013 Tax Calendar for your use.

Download Tax Calendar_January 2013

Non interest financial products and tax implications

In view of the CBN's Regulation on non-interest banking which has been successfully implemented by some banks and following indications from many quarters regarding the introduction of non-interest insurance products, the Federal Inland Revenue Service have concluded arrangements to issue a Regulation on the tax treatment of these products.

Below is a copy of the draft Regulation currently undergoing discussion with stakeholders for your information and comments.

Download Non interest financial products regulations (draft)

Download Non interest financial products_Tax analysis

Draft information circular on the tax implications of adoption of International Financial Reporting Standards

As you may be aware, the first set of reporting entities (listed and significant public entities) are required to adopt IFRS with effect from 2012. Other public interest entities (by 2013) and SMEs (by 2014). There is no doubt that IFRS adoption will have far reaching consequences for businesses and individual taxpayers.

The Federal Inland Revenue Service (FIRS) recently released a draft Information Circular on the subject for consultation and stakeholder input. You can download a copy of the draft circular below and feel free to send your comments to me or directly to the FIRS.

Download IFRS Circular 

Tax Calendar - December 2012

Our December 2012 tax calendar is now available for download. See below:

Download Tax Calendar_December 2012

Tax incentives for employment generation and provision of infrastructure

The Federal Government recently issued an Order "The Companies Income Tax (Exemption of Profits) Order 2012" granting tax incentives to companies who employ graduates without prior experience within 3 years of graduation. The Order also grants tax incentives for the provision of infrastructure such as electricity, roads, water etc. The key question however is "can tax incentives do the magic?".

Read my article in today's Guardian Newspaper p24 for more or via the link below:

Employment & infrastructure incentive

TP Article_Tax Notes International

I am pleased to attach a copy of my article on the recently released transfer pricing regulations, which appears in the November 12, 2012 edition of Tax Notes International.

Download Nigeria TP Int'l Article

November 2012 Tax Calendar

Click the link below to download a copy of our November 2012 tax calendar.

Download Tax Calendar_November 2012