Tax & Business Matters - Nigeria

Clarifying Issues: What you need to know about recent developments on Stamp Duties!

The current economic challenges have widened the budget deficit of governments at all levels as both revenue from oil and taxes have dwindled. Ironically, it is also the time when government needs to spend more to provide palliatives, tax concessions and support to vulnerable persons and businesses.

Given the unusual situation, government needs to be deliberate in implementing tax measures and fiscal policies. The overall objective should be to generate revenue in a manner that does not hamper economic recovery. On the other hand, taxpayers need to pay attention to their tax affairs to ensure compliance at the least possible costs while managing their tax risks for long-term sustainability.

Read our tax alert below for further details:

Download PwC Tax Alert_Stamp duties recent developments_Aug 2020

Nigeria enacts a new company law

Nigeria’s President Muhammadu Buhari has signed the Companies and Allied Matters Act, 2020.

The law, which is the first major reform to the companies law in Nigeria since 1990 introduces some key changes including:

1. Insolvency provisions to help companies in distress 
2. Restriction on the number of public companies in which a person can serve as a director
3. Ability of an individual to form a single-shareholder company 
4. Replacement of authorized capital with minimum share capital 
5. Electronic filing, virtual meetings and electronic share transfers 

Below is a copy of the new law as sent by the National Assembly to the President for assent. 

Download CAMA 2020