ARTICLE · 03 JUNE 2020

FIRS Finance Act Circular: Regulated Securities Lending

PwC Nigeria

Explore more from PwC Nigeria

The Federal Inland Revenue Services (FIRS) has issued a circular on the tax implications of regulated securities lending (RSL) transactions in Nigeria

NigeriaTax

Kenneth Erikume

Abiodun Kayode-Alli

Author LinkedIn connections

The Federal Inland Revenue Services (FIRS) has issued a circular on the tax implications of regulated securities lending (RSL) transactions in Nigeria.

Key issues addressed include:

Companies Income Tax – generally not applicable as many of the transaction flows are exempted.
Withholding Tax – this is designed to avoid multiple layers of WHT so it is not applicable on various transactions except on interests paid by Lender to Borrower
Personal Income Tax - the amendments relating to RSL only affect entities taxable under the CITA. Therefore, individuals that participate in RSL will continue to be taxed in line with existing provisions of the PIT Act.

Read our alert and the FIRS Circular below:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Deep Offshore Oil And Gas Projects Incentives (Tax Remission) Order, 2026: Nigeria Expands Fiscal Support For Deep Offshore Developments

Tope Adebayo LP

Nigeria's New Tax Regime: Do Dormant And Shelf Companies Have To File VAT And Annual Tax Returns?

Syntegral Legal Practice

Taxation Of Non-resident Individuals In Nigeria

GGI | Global Alliance

Nigeria Tax Reforms For Non-Residents: Expatriate & Foreign Company Guide

Adeola Oyinlade & Co

Power Of Substitution Pursuant To Section 60 Of The Nigeria Tax Administration ACT, 2025: Matters Arising

The Trusted Advisors

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Tax Disputes

Comparative Guide

Tax

See more popular content from

Tax

VAT Under Nigeria Tax Reforms Laws: Common Questions Answered

Months after its enactment in 2025, the Nigeria tax reform laws continue to generate significant public interest with many taxpayers still uncertain about how the changes affect them in practical terms.

How To Obtain A Tax Identification Number (Tin) For A Business In Nigeria

A Tax Identification Number (TIN) is a unique identifier assigned to businesses, individuals, and other entities for the purpose of tax administration. In Nigeria, obtaining a TIN is crucial for businesses to comply with their tax obligations.

Firmus Advisory

Nigeria Tax Reforms For Non-Residents: Expatriate & Foreign Company Guide

Nigeria's 2025 Tax Reform Acts introduce sweeping changes for non-residents, foreign investors, and expatriates operating in or deriving income from Nigeria. From expanded Permanent Establishment rules and Significant Economic Presence thresholds to mandatory VAT registration for offshore suppliers and Capital Gains Tax on indirect share transfers, the new framework fundamentally reshapes cross-border tax obligations. Understanding these provisions and taking proactive compliance steps is now essential for

Adeola Oyinlade & Co

Capital Gains Tax Under The Nigeria Tax Act 2025 – No Longer Business As Usual

The Nigeria Tax Act 2025 (NTA 2025), which came into effect on 1 January 2026, introduces a new framework for the taxation of capital gains in Nigeria.

KPMG in Nigeria

The Nigeria Tax Reform Act 2025 And How It Affects Businesses

On June 26, 2025, President Bola Ahmed Tinubu signed into law a historic package of tax reform legislation, marking the most comprehensive overhaul of Nigeria's fiscal architecture in decades.

Sobowale, Medidem & Bello

Firs Imposes 10% Withholding Tax On Interest From Short-Term Instruments

The Federal Inland Revenue Service (FIRS) has introduced a 10% Withholding Tax (WHT) on interest earned from short - term investments such as treasury bills...

Stren and Blan Partners

Updates To The Nigeria Tax Act (NTA), 2025

Following our initial newsletter on the Nigeria Tax Act, we note that some provisions in the harmonised version used to prepare the newsletter are different from the gazette which has now become publicly available.

KPMG in Nigeria

Nigeria’s New Crypto Tax Rules: What Virtual Asset Service Providers Need To Know, And The Legal Questions That Remain

Nigeria has introduced comprehensive tax guidelines for virtual assets, requiring VASPs to withhold taxes, collect stamp duties, and maintain detailed records. The new framework classifies crypto assets into six categories and imposes income tax, VAT, and stamp duty on various transactions, fundamentally changing compliance obligations for cryptocurrency platforms operating in Nigeria.

Tope Adebayo LP

Examination Of The Value Added Tax Provisions Under The Nigeria Tax Act, 2025

On June 26, 2025, President Bola Ahmed Tinubu signed four transformative tax bills into law, fundamentally reshaping Nigeria's taxation landscape. The Nigeria Tax Act, 2025 repealed principal taxation legislations, introducing a comprehensive new framework that affects companies and taxpayers across the country. What are the key provisions of this new tax regime and how will it impact businesses operating in Nigeria?

Streamsowers & Köhn

Taxation Of Non-resident Individuals In Nigeria

Nigeria's new tax framework, effective January 1, 2026, introduces comprehensive regulations for non-resident individuals earning income from Nigerian sources. Understanding the criteria for non-resident status, tax obligations, registration requirements, and filing procedures is essential for expatriates and foreign workers operating in Nigeria's evolving tax landscape.

GGI | Global Alliance