Tax & Business Matters - Nigeria

Nigeria's 2024 Proposed Budget - Budget of renewed hope

The Federal Government of Nigeria recently presented the 2024 Budget proposal to the National Assembly. The Budget titled "Budget of Renewed Hope" shows a proposed expenditure of NGN27.5 trillion and an estimated revenue of NGN18.32 trillion for the 2024 fiscal year. We have analysed in our infographic a snapshot of the 2024 Budget proposal and its assumptions, relative to the 2023 approved and supplementary budgets.

See below:

 

FIRS announces waiver of penalties and interest on outstanding tax liabilities settled by 31 December 2023

The FIRS has issued a Public Notice waiving penalty and interest for taxpayers who settle their outstanding tax liabilities by 31 December 2023. Based on the Public Notice, the waiver was issued in recognition of the challenges being faced by taxpayers, and in line with government's commitment to support businesses.

The Public Notice does not limit the scope of the waiver, and therefore we expect that it should apply to all outstanding tax liabilities due to the FIRS, including from tax audits, investigations, desk reviews, VAT and WHT monitoring exercises, late filing or payment of taxes due to the FIRS, and so on.

Please see Public Notice here:

Download FIRS Public Notice - waiver of penalty and interest