Tax & Business Matters - Nigeria

Tax holiday incentive redefined

In many cases, a new company commencing business in Nigeria can get a tax holiday for about 5 years (known as pioneer status). During this period, no corporate income tax is payable and any dividend distributed from the pioneer profit will be exempt from withholding tax.

The Nigerian Investment Promotion Commission (NIPC) have just released a new Regulation redefining the application process, key requirements, applicable levy, and other conditions for the pioneer incentive.

I have attached a copy of the Regulation below and our Tax Alert for your information and reading pleasure.

Download Pioneer Status Incentive Regulations 2014

Download Tax Alert_Pioneer Incentive Regulations

Implementing the National Tax Policy (2)

I have uploaded below a copy of my article published in the BusinessDay Newspaper on Monday 10 February for your reading pleasure. The article is a continuation of our tax reform series selected from the White Papers published by the Nigeria Leadership Initiative in partnership with PwC.

Download Implementation of National Tax Policy_Feb 2014

February 2014 tax calendar

Welcome to a new month.

For those of us who have employee tax filing responsibility, I hope you managed to file the annual returns of total emoluments paid to employees in 2013 by 31 January 2014 as required by law.

As usual, our tax calendar for February is attached below for your use.

Have a lovely February.

Download Tax Calendar_February 2014