Stretching the law on taxation of severance benefits via withholding tax on capital gains

Stretching the law on taxation of severance benefits via withholding tax on capital gains

Lagos State Internal Revenue Service (LIRS) has issued a public notice to notify employers of the exercise of its powers to appoint them as its agent in connection with employees’ tax obligation on severance benefits. It specifically request employers to deduct and...
Taxing Nigeria’s Fledgling Economy: Between Tax Penetration and Economic Recovery

Taxing Nigeria’s Fledgling Economy: Between Tax Penetration and Economic Recovery

Nigeria has rolled out another tax amnesty scheme. Backed by Presidential Executive Order No 8 signed on 8 October 2018, Voluntary Offshore Assets Regularization Scheme (VOARS) became the latest effort at combating money laundering and tax evasion. For the next twelve...
Government chases after VIPs & HNIs to regularise their tax status in Nigeria

Government chases after VIPs & HNIs to regularise their tax status in Nigeria

The tax landscape in Nigeria is changing fast and efforts at bringing taxable individuals into the tax net is gaining momentum. Those who have not been tax compliant in the past are being advised to take advantage of the 9-month tax amnesty scheme through Voluntary...
The latest business competitiveness ranking: How close is Nigeria to the Promised Land?

The latest business competitiveness ranking: How close is Nigeria to the Promised Land?

It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 169, and...
Developing a holistic tax policy for smaller businesses

Developing a holistic tax policy for smaller businesses

Micro, small and medium-sized enterprises (MSMEs) are the driving force for economic activity and innovation.  They contribute to growth through job creation, investments, exports and taxation. In Nigeria, the economy is largely dominated by MSMEs, with an...
Nigeria considers new tax amnesty framework through Voluntary Asset and Income Declaration Scheme

Nigeria considers new tax amnesty framework through Voluntary Asset and Income Declaration Scheme

In a bid to grow Nigeria’s tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented. The National Executive Council (NEC) has granted approval-in-principle for...