September 17, 2025
As a follow-up to our previous communications, we are pleased to provide a comprehensive update on The Presidential Assent to the signing of the much-anticipated Tax Reform Bills into law.
July 29, 2025
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July 28, 2025
On June 26, 2025, Nigeria took a major step toward economic transformation as the President signed the landmark Tax Reform Bills into law. Effective January 1, 2026, these changes aim to simplify taxation, reduce inefficiencies, and strengthen fiscal coordination.
Join us as we break down this historic move and its benefits for businesses, investors, and everyday citizens.
June 16, 2025
In a strategic move to boost efficiency and strengthen Nigeria’s position in the global petroleum sector, President Bola Ahmed Tinubu has signed the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025, effective April 30, 2025.
Join us as we break down the key provisions of this order and analyse its potential impact on stakeholders across the sector.
May 19, 2025
In a groundbreaking judgment delivered on 5th May 2025, the Federal High Court affirmed the Tax Appeal Tribunal’s (TAT) 2023 decision in FIRS v. Check Point Software Technologies B.V. Nigeria Ltd, ruling in favor of the taxpayer and establishing an important legal precedent for the enforcement of Nigeria’s Country-by-Country Reporting (CbCR) Regulations.
Want the full breakdown? Keep reading for expert insights on what this means for taxpayers, regulators, and Nigeria’s position in global tax transparency.
January 15, 2025
The Nigerian tax landscape in 2024 experienced significant changes. There was a heightened emphasis on revenue generation, alongside strategic efforts to attract foreign investments and support small and medium enterprises (SMEs). These initiatives aimed to drive economic growth and create a more robust fiscal environment.
In this newsletter, we provide a comprehensive overview of the key tax updates and developments that shaped Nigeria’s tax policies in 2024. From regulatory reforms to new compliance requirements and incentives for businesses, this digest offers valuable insights to help individuals and organisations navigate the evolving tax environment in Nigeria. Join us as we present an in-depth exploration of these changes.
October 3, 2024
The Nigerian tax space has recently undergone significant changes as the President focuses on taxation for revenue generation and economic recovery. A key development is the introduction of the 2024 VAT Modification Order, aimed at expanding VAT-exempt goods and services. This includes additional petroleum products and incentives to encourage renewable energy use.
Stay updated on the latest Nigerian tax changes with our comprehensive insights on the 2024 VAT Modification Order. Learn about new VAT-exempt goods, including petroleum products, and renewable energy incentives aimed at economic recovery. Download our newsletter for full updates.
In July 2024, new Withholding Tax (WHT) Regulations were issued to replace the outdated 1997 WHT Regulations. Initially, the July document was improperly published on the letterhead of the Honourable Minister of Finance and Coordinating Minister of the Economy. This error has now been corrected with a proper gazette publication, including slight updates to the WHT Regulations.
For detailed updates on the new 2024 WHT Regulations, please read our newsletter.
June 25, 2018
The Federal Inland Revenue Service (“FIRS”) in exercise of its powers as provided in Section 61 of the Federal Inland Revenue Service Establishment Act (“FIRSEA”) recently released Nigeria’s Income Tax (Country by Country Reporting) Regulations. The enactment of the regulation is also in line with there commendation of the Base Erosion and Profit Shifting (BEPS) project which recommended that signatory countries develop local rules regarding Country by Country Reporting (“CbCR”) to enhance transparency in tax administration. This regulation will also give effect to the Country-by-Country Multilateral Competent Authority Agreement signed on 27 January 2016. The regulation whose objective is to seek information about the global activities of multinational enterprises (MNEs) requires that MNEs with tax presence in Nigeria file certain information about their global operations with FIRS.
Read more here…….Country-by-Country Reporting