Tax & Business Matters - Nigeria

"Tax Inspectors Without Borders" is Coming to Africa

Various reports estimate that developing countries lose trillions of US dollars in much needed revenue to tax evasion and aggressive avoidance schemes. One way to curb this menace is to build the skills and capacity of tax authorities in developing countries to conduct tax audits and investigations.

On Monday 13 July 2015, the OECD and UNDP officially launched a joint initiative tagged Tax Inspectors Without Borders (TIWB) to help developing countries build tax audit capacity in order to effectively deal with tax evasion and aggressive tax avoidance. This development will definitely have an impact on taxpayers and tax administrators in participating countries including Nigeria but overall should lead to an improvement in the tax system.

See below a copy of the concept note issued by the OECD/UNDP and a link to the OECD website for more details.

Download Tax Inspectors Without Borders_Concept Note

TIWB

A Guide to Doing Business & Investing in Nigeria

Africa is rising and so is the interest of investors who are looking for business opportunities on the continent. The risks may be relatively high but the rewards more than compensate and with the right knowledge on how to navigate the landscape, success is almost assured.

Nigeria is no doubt one of the hottest investment destinations in Africa. If you are already an investor in Nigeria or are considering entering the market or know someone who is, then you will find this publication extremely useful. Happy reading!

Download PwC_Doing Business Guide_Nigeria (2015 Publication) 

A new tax authority has been established for the Federal Capital Territory

The federal government recently enacted a new law, the Federal Capital Territory Internal Revenue Service Act, 2015. The Act establishes the Federal Capital Territory Internal Revenue Service (FCT IRS or the Service) charged with the responsibility of assessing and collecting taxes in the FCT. This power has historically been vested in the Federal Inland Revenue Service (FIRS) by virtue of section 2(1)(b) of the Personal Income Tax Act, LFN 2004 as amended and the FIRS (Establishment) Act 2007.

The First Schedule to the new Act listed the legislation to be administered by the FCT IRS to include the Personal Income Tax Act, Capital Gains Tax Act, Stamp Duties Act, Federal Capital Property Tax Regulations and all enactments or laws imposing taxes and levies within the FCT.

Read a copy of my article published in the Guardian Newspaper on Monday 6 July 2015 and our tax alert for details.

Download Tax Watch Article_FCT IRS  Download FCT IRS Tax Alert_July 2015

A copy of the Act is uploaded here Download FCT Internal Revenue Service Gazette

You can also download our Tax Calendar for July 2015 below.

Download Tax Calendar_July 2015