Tax & Business Matters - Nigeria

Ministry of Interior to introduce changes to Expatriate Quota Regime

The Ministry of Interior (MOI) recently held its 2nd stakeholders’ meeting on expatriate quota matters. This was hosted by the Citizenship and Business Department of the MOI which has the mandate to enforce immigration laws as it relates to the issuance of business permits and Expatriate Quota (EQ) positions.

 

The meeting sought to obtain stakeholder input on the draft handbook on expatriate quota administration and challenges experienced by the public.

Read our alert for highlights and proposed changes.

Download PwC Immigration Alert_Proposed changes to Expatriate Quota Administration_May2021

PwC Africa's Tax Controversy and Dispute Resolution Publication

Controversies between taxpayers and tax authorities are virtually inevitable. Learning from decided cases and the trend in dispute resolution is critical for all key stakeholders.

In this publication you will find some insights from recent tax cases from the Tax Appeal Tribunals and Courts in Kenya, Nigeria and South Africa. The publication aims to bring businesses, tax authorities and taxpayers up to date with landmark tax decisions.

From Nigeria, we analysed decisions relating to the extent of the executive’s power to make or amend tax statutes, applicability of Double Tax Treaty Commentary to the France-Nigeria Double Tax Treaty with respect to income from shipping operations, the applicability of Value Added Tax to commercial and residential leases as well as the precedent setting decision on the applicability of Withholding Tax to sales in the ordinary course of business, an appeal in which our Tax Controversy & Dispute Resolution team represented the taxpayer.

Download a copy for more details.

Download TCDR Publication Africa (final_May 2021)

FIRS Issues Information Circular on Bodies Eligible to Receive Tax Deductible Donations

The FIRS has issued a Circular pursuant to the provisions of Sections 25 and 105 of CITA regarding eligibility of a Fund, Body or Institution seeking to be listed under the Fifth Schedule.

To be eligible, an organisation must be a fund, body or an institution of a public character with the following features:

1. it is registered in accordance with the relevant law in Nigeria;
2. it does not distribute or share its profit in any manner to members or promoters;

Below is a copy of the publication for more details:

Download REQUIREMENTS FOR LISTING UNDER THE 5TH SCHEDULE OF CITA

 

Lack of global consensus on rules for the taxation of multinationals and the risk of a global trade war

The IMF has warned of an possible global trade war unless there is a global consensus to adopt global rules under the OECD Inclusive Framework for the taxation of multinational companies. Watch my interview on the subject.

 

Key compliance obligations under CAMA 2020 and Companies Regulations 2021

The Companies and Allied Matters Act 2020 (“CAMA 2020” or the “Act”) was signed into law and gazetted with a commencement date of 7 August 2020. The Act, which repeals the 1990 Act, introduces sweeping changes to Nigeria’s business environment.

The Corporate Affairs Commission (“CAC”) has also issued the Companies Regulations 2021 (the “Regulations”) to serve as the implementation framework for CAMA 2020.

Some of the key compliance obligations for companies, partnerships, and other business entities under CAMA 2020 and the Regulations include:

• Notification of person(s) with significant control and substantial shareholder (Sections 119 & 120)
• Disclosure of remuneration of managers (257)
• Certification of financial statements by CEO/CFO (Section 405)

See our alert for more details. 

Download PwC Regulatory Alert_Key Compliance Obligations under CAMA 2020_April 2020