Tax & Business Matters - Nigeria

Highlights of Nigeria’s 2018 Approved Budget

The Nigerian President on 20 June 2018 signed into law, the 2018 Appropriation Bill after several months of deliberations. The National Assembly had increased the total budget expenditure by NGN508 billion over and above the initial NGN8.6 trillion as presented by the President in November 2017.

Read our bulletin and presentation by the Minister for Budget & National Planning below for further details:

Download PwC Budget Bulletin_2018 Approved FGN Budget_June2018

Download HMBNP 2018 Approved Budget Breakdown Presentation Final

 

Nigeria Publishes Country-by-Country Reporting Regulations

Nigeria has formally released the Income Tax (Country-by-Country Reporting) Regulations, 2018. This follows Nigeria’s signing of the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country Reports (CbCRs) in January 2016 and subsequent ratification in August 2016.

Groups headquartered in Nigeria will be required to prepare and file a CbCR with the FIRS annually.

Other relevant provisions

• Effective date: accounting years beginning on or after 1 January 2018;
• Threshold and Exemptions: groups with consolidated revenue less than ₦160 billion (USD444m) in the previous reporting period are exempted;
• Filing deadlines: no later than 12 months after the last day of the MNE group’s accounting year end;
• Notification deadline – Affected entities must make an appropriate notification to the FIRS no later than the last day of the group’s accounting year end.

Read our alert for more. PwC Tax Alert 

Also read our article published by BusinessDay and Guardian Newspapers

Download a copy of the CbCR Regulations