The Organisation for Economic Cooperation and Development (OECD) on 18 December 2017 released the latest edition of its Model Tax Convention incorporating various changes developed...

Now that Britain has voted to leave the EU, analysts are trying to figure out the implications of Brexit for not only the UK/EU but the global economy.

We therefore advise that all stakeholders commence compliance with the revised WHT rates of 5%.

The Federal Inland Revenue Service (FIRS) on Friday, 15 February 2019, instructed banks to suspend lien placed on the bank accounts of some taxpayers.

Based on the revenue potential from customs and excise, it comes as no surprise that the current administration is urgently pressing for reforms in this space.

This edition, which is one of the most comprehensive tax guides available, provides detailed information on corporate tax rules and rates in 155 countries worldwide.

On Monday, 27 June 2022, the Federal High Court (FHC or "the Court") sitting in Abuja ruled in Accugas Limited (Accugas or "the Company" or "the Plaintiff") and Federal Inland Revenue Service (FIRS) & Attorney General of the Federation.

Some life assurance policies contain elements of savings or investment. Such policies often mature during the active lifetime of the policyholder or based on an agreed tenure.

The Rivers State Government has approached the Supreme Court to dismiss the decision of the Court of Appeal delivered on Friday, 10 September 2021, which ordered all the parties to maintain status quo on the collection of VAT ...

By a recent Federal High Court (FHC) ruling, the consumption tax imposed by Kano State Government on goods and services consumed within the state has been nullified

The Lagos State Internal Revenue Service (LIRS) has issued a Public Notice introducing the eTax-generated bill reference ("bill reference") to facilitate and optimize the ease of tax payments...

In Nigeria Withholding Tax receipts may be used to offset Company Income Tax.

Nigeria and Ghana have signed an agreement for the avoidance of double taxation between the two countries.

The Federal Government of Nigeria is seeking to tax the realised profits from all foreign exchange transactions of banks in the 2023 financial year.

Nigeria has issued the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations). The Regulations are part of the implementation plans under Action 13 ...

The Stamp Duties Act (Amendment) Bill, 2017 was recently introduced to the House of Representatives and undergoing legislative process.

Subsequent to our recent tax alert on the ongoing tax amnesty, we have received further update from the FIRS regarding eligibility for the waiver.

In November 2005, Sahara transferred half of its 90% participating interest in OPL 332 to BG Exploration and Production Nigeria Limited and realised a gain of US$27,915,000 on the transfer.

Typically, a Modified Carry Arrangement is where an oil company finances petroleum operations on behalf of all parties to the contract including the NNPC and the oil company is expected to recover its cost...

Section 27(i) of the Companies Income Tax Act disallows "any expense of any description incurred outside Nigeria for and on behalf of any company except of a nature and to the extent that the Board ("FIRS") may consider allowable".