Tax & Business Matters - Nigeria

Updated Land Use Charge computation template

Following the announcement of discounts to the land use charge rates by the Lagos state government on 15 March 2018, we have updated our computation template accordingly. See below:

Download Lagos LUC Computation Template_UPDATED

Significant milestone reached in the global effort to sanitise the tax system

The OECD has announced the entry into force of its Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “Convention”) effective from 1 July 2018. This follows from the deposit of the fifth instrument of ratification by Slovenia today 22 March 2018.

 

Before now, 4 countries - the Republic of Austria (22 September 2017), the Isle of Man (19 October 2017), Jersey (15 December 2017), and Poland (23 January 2018) had ratified the Convention but was still short of the ratification by a minimum of 5 countries required to enter into force.

The Convention, negotiated by more than 100 countries and jurisdictions under a mandate from G20 Finance Ministers and Central Bank Governors, will modify existing bilateral tax treaties to swiftly implement the tax treaty measures developed in the course of the OECD/G20 BEPS Project. Treaty measures that are included in the Convention include those on hybrid mismatch arrangements, treaty abuse and permanent establishment.

Read more here: Multilateral Instrument (MLI) ready for implementation 

Federal Government increases excise duties on tobacco and alcoholic products

President Mohammadu Buhari, on the recommendation of the Tariff Technical Committee of the Ministry of Finance, has approved an increase to the excise duties on tobacco and alcoholic beverages effective from 4 June 2018.

The increase would be introduced in phases over a 3-year period from 2018 to 2020 to moderate the impact of the increment on the price of the products.

Read our alert for more:

Download PwC Tax Alert_FG increases excise duties on alcohol and tobacco__March2018

How to calculate your Land Use Charge in one-minute

We have developed a simple template to enable property owners and the general public calculate their indicative Land Use Charge (LUC) under the new law enacted by the Lagos state government.

You will also find links to my interview on Channels TV and an article by Kenneth Erikume published in the Guardian and BusinessDay newspapers on the subject.

 

Download Lagos LUC Computation Template_UPDATED

TV interview 1 TV interview 2 TV interview 3

LUC Article