Tax & Business Matters - Nigeria

Nigeria's 2017 Budget of Recovery and Growth

Nigeria's president Muhammadu Buhari on Wednesday 14 December 2016 presented the 2017 Budget Proposals to a joint session of the National Aseembly. Read below our one-page bulletin for highlights and key messages. Also read the full text of Mr. President's speech in the link below.

Watch this space for further details on the Budget. 

Download PwC_Nigeria's 2017 Budget Highlights

2017 Budget Speech_Full Text

Nigeria moves to ratify new double tax treaties with Spain, South Korea and Sweden

The legislature has commenced the process of ratifying three avoidance of double taxation treaties with Spain, South Korea and Sweden signed on 18 November 2004, 6 November 2006 and 23 June 2009 respectively. The treaties generally follow the Organisation for Economic Cooperation and Development [OECD] Model Tax Convention.

Ratification is required by Section 12(1) of the Nigerian Constitution which precludes treaties from having the force of law until they have been enacted into law by the National Assembly.

Below is our tax alert for more details and information on the recent OECD multilateral convention on tax treaties to which Nigeria has subscribed.

Download PwC Tax Alert_Nigeria to ratify new tax treaties_Nov 2016 

Download Multilateral-convention-to-implement-tax-treaty-related-measures-to-prevent-BEPS

Download Multilateral-instrument-BEPS-tax-treaty-information-brochure

FIRS issues new transfer pricing forms effective from January 2017

The Federal Inland Revenue Service (FIRS) has issued revised transfer pricing (TP) declaration and disclosure forms. Effective from January 2017, taxpayers are required to submit their transfer pricing returns using the revised TP forms which now include new disclosures. Also some of the old disclosures which taxpayers considered to be ambiguous have been made clearer.

Read our tax alert for details and also download copies of the new forms below.

Download PwC Tax Alert_FIRS revises TP forms_Nov 2016

Download TP Declaration Form-Updated 08112016

Download TP Disclosure Form-Updated 08112016