Tax & Business Matters - Nigeria

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