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On November 27, 2024, the Federal Inland Revenue Service (‘the FIRS or the Service") issued the Advance Pricing Agreement (APA) Guidelines (the Guidelines) through Information Circular No. 2024/006, with an effective date of 1 January 2025.

The Minister of Finance, Budget and National Planning (the Minister) has issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (SEP Order), to complement the 2019 Finance Act (FA 2019).

The Lagos zone of the Tax Appeal Tribunal has ruled, in the case involving Rand Merchant Bank Nigeria Limited and Federal Inland Revenue Service, that the FIRS' discretionary powers under section 21 of the Companies Income Tax Act, ...

The Pioneer Status Incentive ("PSI") is one of the available tax incentives in Nigeria aimed at attracting investment into critical sectors of the Nigerian economy.

In a study conducted by the Organization for Economic Cooperation and Development (OECD) in 2019, it was established that Nigeria has the lowest tax to Gross Domestic Product

The concerns expressed by the general public regarding the Memorandum of Understanding between Nigeria and France are well-founded, particularly in light of the legal obligations imposed on the Nigeria...

One of the major changes in the Income Tax (Transfer Pricing) Regulations 2018 (NTPR) is the introduction of administrative penalties.

In this article, we will outline the key provisions of the SEP Order and share our thoughts on some of the issues that may arise from the implementation of the Order.

According to the Infrastructure Concession Regulatory Commission, Nigeria has about 195,000 km of road network out of which about 32,000 km are federal roads and 31,000 km are state roads.

These elements also create a tax culture, reduced incidences of corruption and tax evasion.

The recent developments in the international taxation have significantly impacted Nigeria's Transfer Pricing (TP) landscape.

In this article, we have discussed the accounting recognition and measurement requirements for Rights-of-Use asset and the related lease liability as well as the current and deferred tax considerations for the lessee.

Venture capital firms in Nigeria are gradually becoming a regular part of the startup conversation. In the last 3 years, we have witnessed an increased activity of local and international VC firms...

Startup Acts are Africa's next frontier of policy innovation. If implemented in Nigeria, Startup Acts could catalyze positive change in the broader business environment by increasing local support for entrepreneurs ...

With the continued procrastination in passing the Petroleum Industry Bill and the consequent delay in bringing about the much vaunted reforms of the oil and gas sector in Nigeria, other African countries ...

The National Assembly has finally passed the Petroleum Industry Bill (PIB), 2021. The key objective of the PIB is to overhaul and transform the Nigerian oil gas industry.

With the introduction of the Finance (Amendment) Bill, 2024, the Nigerian government seeks to impose and charge banks in Nigeria with a one-time windfall tax.