Share on LinkedInShare on LinkedIn

ARTICLE · 15 MAY 2024

FIRS Issues Two (2) Information Circulars On The Implementation Framework For The Presidential...

KPMG in Nigeria
Explore more from KPMG in Nigeria

On 28 February 2024, the President issued the Executive Order No 40 (Oil and Gas Companies (Tax Incentives, Exemptions, Remission etc.) to unlock investment in the gas sector.

NigeriaTax
Adewale Ajayi
Adewale Ajayi

On 28 February 2024, the President issued the Executive Order No 40 (Oil and Gas Companies (Tax Incentives, Exemptions, Remission etc.) to unlock investment in the gas sector. The Order provides for gas credit/allowance for Non-Associated Gas (NAG) greenfield developments in the onshore and shallow waters and gas utilisation investment allowance for midstream projects. Please click this link for our Newsletter on this matter.

Further to the Order, the Federal Inland Revenue Service (FIRS) has issued two information circulars to guide taxpayers on the implementation of the provisions of the Order. Having reviewed the two circulars, we believe that they reflect the letter and the spirit of the Order except for the following matters:

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 opinion expressed in this article is solely personal and does not represent the views of any organization or association to which the authors belong.

View source

Related Articles

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

Read more about

Related Comparative Guides

See more popular content from

Article

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
NigeriaTax
Adeola Oyinlade & Co
Adeola Oyinlade & Co
Article

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.
NigeriaTax
Tope Adebayo LP
Tope Adebayo LP
Article

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?
NigeriaTax
Streamsowers & Köhn
Streamsowers & Köhn
Article

Nigeria New Tax Reform Laws: The Unfinished Business

One of the objectives of the new tax laws is to ‘optimize fiscal revenue’. It is expected that the implementation of the laws will double tax-to-GDP ratio in the short run. This is by widening the tax net while providing incentives to already-compliant taxpayers to pay more tax. The tax laws also increase the power of the tax authorities to have access to hitherto private banking records to discourage tax evasion.
NigeriaTax
KPMG in Nigeria
KPMG in Nigeria