The year 2015 will be marked as the year of slow economic growth and haphazard fiscal and monetary policies due in part to the uncertainties brought about by the change in government.

The judgment also sustained the existing decision of the court on "Excess Dividend Tax" on the basis that the dividends in question were paid out of profits which had not been taxed.

The FIRS expressed concern that nonresident companies do not file full tax returns as required by law.

In a recent decision, the Tax Appeal Tribunal (TAT) says the tax authority must act reasonably in the exercise of its discretion to assess a taxpayer based on deemed income (or best of judgment assessment).

The Tax Appeal Tribunal (TAT) has ruled that the payment made by an oil producing company to flare gas in the course of crude oil production is not a fine to be disallowed for tax purposes...

This follows from the deposit of the fifth instrument of ratification by Slovenia today 22 March 2018.

ingapore has ratified the Double Tax Agreement (DTA) earlier signed between the country and Nigeria. See link to our previous tax alert.

"You never know who is swimming naked until the tide goes out." - Warren Buffet

The Tax Appeal Tribunal (TAT) has ruled that it is not bound by the strict rules of evidence contained in the Evidence Act while performing its functions as an administrative tribunal...

Previously, section 3 of the Personal Income Tax Act of 1993 (PITA 1993) – i.e. the charging section – imposed tax on gratuities, and the 3rd Schedule to the Act exempted gratuities

There has been a long standing dispute between the Federal Inland Revenue Service (FIRS) and oil producing companies on the applicable price of crude oil to be used for tax purposes.

In many cases, a new company commencing business in Nigeria can get a tax holiday for about 5 years (known as pioneer status).

But it will take more than luxury tax to plug the hole. We need to simplify the tax system and broaden our tax base.

I have received a number of requests for a copy of the judgment on the above subject.

With the recent appointment of Mr Babatunde Fowler as the acting Executive Chairman of the FIRS, his primary mandate is to significantly increase Nigeria's tax revenue collection...

Generally the FIRS would seek to use the higher of the OSP and the RP for tax assessments.

The Commission for economy and taxes (WAK-S) concluded the debation relating to the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). This information has been released in the press today.

PwC Legal recently announced it had incorporated newly-established Portuguese law firm CCR Legal into its legal network.

On 22 October 2020 the Cyprus Council of Ministers approved the Cyprus draft budgetary plan for 2021 (the "draft budget").

The European Union's Market-in-Sustainable-Products (MiSP) initiative enters a critical political negotiation phase with over 1,900 proposed amendments that could fundamentally reshape the EU's market architecture.