In Star Deep Water Petroleum Ltd v. Lagos State Internal Revenue Service, the Tax Appeal Tribunal (TAT) Lagos division held that an assessment that is not compliant with the law cannot become final and conclusive.

The Tax Appeal Tribunal (TAT) reaffirms previous decisions that interest on related party loans is tax deductible provided it satisfies arms-length principles.

The Federal Inland Revenue Service discussed specific tax issues affecting parties to a Production Sharing Contract in the upstream petroleum industry.

The National Information Technology Development Agency recently released guidelines on Nigerian content development in the ICT sector.

FIRS held a stakeholder meeting on 19 September 2014 to sensitise Sole Risk and Marginal Field operators on tax compliance and transfer pricing issues.

As a result of the low profit margin in the construction industry, resulting in perpetual excess WHT credits, the former minister of finance granted a reduction in WHT rate from 5% to 2.5%.

A Bill to provide for the designation and establishment of Oil and Gas Free Zones and Special Investment Areas is being considered by the Nigerian legislature.

The Tax Appeal Tribunal ("TAT") on 11 December 2014 delivered a judgment on the treatment of revenue allocation by a non-resident company ("NRC") under the deemed profit regime.

FIRS has started to enforce filing of tax returns and payment of outstanding taxes by distraining properties and procuring the arrest of principal officers of defaulting companies.

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.

The OECD will release the final package of BEPS recommendations on October 5.

The gathering economic slowdown emanating from the pandemic is also driving interest rates even lower and increasing credit risk exposures from businesses facing possible default.

Nigeria's Ministry of Interior is launching an e-citibiz portal for online processing of permits including business permits, expatriate quotas, citizenship applications and licenses to officiate marriages.

Taiwo Oyedele, Head, Tax and Co-operate Advisory Services, Price Water House says that the reason why Nigeria is facing a fall in oil price is because "we failed to plan two, three years ago. This is line with the 2015 budget presented by the Minister of Finance, Ngozi Okonjo-Iweala that it is based on some key indicators like $65 per barrel in oil price, production level is 2.27 million barrels per day and the growth rate based on the new parameters of the country, from 6.35-5.5%.

Taiwo Oyedele, Head, Tax and Co-operate Advisory Services, Price Water House says that the reason why Nigeria is facing a fall in oil price is because "we failed to plan two, three years ago. This is line with the 2015 budget presented by the Minister of Finance, Ngozi Okonjo-Iweala that it is based on some key indicators like $65 per barrel in oil price, production level is 2.27 million barrels per day and the growth rate based on the new parameters of the country, from 6.35-5.5%.

On Wednesday 27 January 2016, 31 countries (including Nigeria) signed the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports.

It should be noted that there is no income tax in the UAE compared to Nigeria so it will be interesting to see how the double taxation avoidance treaty will be equally beneficial to both countries.

Nigeria and Singapore have signed a treaty for the avoidance of double taxation on income and capital gains tax between the two countries.

Navigating the muddy landscape of the tax legal framework in Nigeria can be a daunting exercise.

The Private Companies Conversion and Listing Bill is undergoing legislative proceedings at the National Assembly.