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

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.

The Special Adviser to the President on Energy, Olu Verheijen, during an interview with Bloomberg in Dar es Salaam, Tanzania. Verheijen stated that the FGN plan to transition to a cost-efficient but cost-reflective tariff, to ensure the sector generates revenue required to attract private capital while also protecting the poor and vulnerable.

On 7 August, 2023, the President issued policy directives to clarify responsibility for the management and control of crude oil export terminals.

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.

His Excellency, President Muhammadu Buhari, GCFR, signed both the 2022 Appropriation Bill ("the Budget") and Finance Bill, 2021 into law on 31 December 2021, following their passage by the National Assembly.

This publication sets out the basic information on tax and business regulatory issues that new investors need to know when investing in Nigeria.

His Excellency, President Muhammadu Buhari, GCFR, signed the 2023 Appropriation Bill ("the Budget") into law on 3 January 2023, following its passage by the National Assembly.

The Federal Ministry of Interior has suspended the implementation of the Expatriate Employment Levy (EEL). President Bola Ahmed Tinubu, GCFR had, on Tuesday, 27 February 2024, launched the Expatriate Employment Levy (EEL).

FHC upholds the illegality of stamp duty deductions prior to amendment of the SDA

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 ...

The Attorney Generals of the 36 States in Nigeria (the States or "the Plaintiffs") recently filed a suit against the Attorney General of the Federation (AGF or "the Defendant") at the Supreme Court...

CMA is a French shipping company that is engaged in the transportation of goods from foreign sellers to recipients in Nigeria and from Nigerian sellers to buyers in other countries.

FIRS has issued a Public Notice imposing 30 November 2021 deadline for expiration of waiver of penalty and interest for companies with outstanding companies income tax returns for 2021 year of assessment.

This publication sets out the basic information on tax and business regulatory issues that new investors need to know when investing in Nigeria.

The recently passed Finance Act, 2021 has widened the scope of taxes paid by companies.

On Friday, 12 November 2021, the Tax Appeal Tribunal Lagos Zone decided in Seplat Petroleum Development Company Plc vs the Federal Inland Revenue Service, that the Appellant's claim of five (5) years tax holiday ...

The Tax Appeal Tribunal Lagos Zone has ruled, in NPF Microfinance Bank PLC and Federal Inland Revenue Service, that bad debts (which have been proven to be bad) are allowable for tax deductions...

The Circular clarifies that the approved SPM, which are in line with the ECOWAS CET, shall become effective from Monday, 1 May 2023.

The Nigeria Tax Act (NTA or "the Act") repeals certain existing tax laws and consolidates the legal framework governing taxation in the country into a single legislation for simplicity and improved tax administration. Consolidating tax provisions into one single document will also help to eliminate overlapping.