The Foreign Account Tax Compliance Act (FATCA) is a new law introduced by the United States government to ensure the disclosure of assets and income of US persons held with foreign financial institutions. Intuitively, FATCA presents an opportunity for tax authorities in Nigeria to collect useful information from taxable persons in Nigeria to improve tax compliance.
Read my article on the subject published by the Guardian Newspaper yesterday.
The Federal Inland Revenue Service (FIRS) held a workshop on 6 June 2014 to discuss specific tax issues affecting parties to a Production Sharing Contract (PSC) in the upstream petroleum industry. Specifically, the FIRS requested that parties to a PSC start filing Companies Income Tax (CIT) returns.
The National Information Technology Development Agency (NITDA) recently released guidelines on Nigerian content development in the ICT sector.
In our alert attached below, we analyse how NITDA intends to achieve a target of 50% local content in the industry, the tax incentives introduced and the possible impacts of the guidelines on different stakeholders in the industry.
In case you are wondering or have recently been asked to file returns with the Financial Reporting Council of Nigeria (FRCN), here is our regulatory alert on a recent judgement by the Federal High Court on the subject.
The Federal High Court (“FHC”) on 21 March 2014 ruled in a case between Eko Hotels Limited and the FRCN. The FHC decided that under the FRCN Act, the FRCN cannot enlarge its regulatory powers to regulate private companies.
Following my participation at the recently concluded World Economic Forum on Africa, I have articulated my thoughts on how taxation can be used as an enabler to forge inclusive growth and create employment.
You may find my attached article published by the Guardian Newspaper of interest.
It is true that Africa is rising, which is good. It is also true that the tax system across Africa is becoming more complex, which is not so good. Whether good or bad every responsible organisation knows that full compliance with the law in every jurisdiction is non negotiable.
You will find our new publication on VAT in Africa very useful especially if you do business cross-border within the continent.