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PwC Nigeria Tax Blog Blog

Articles: 1-10 of 18

Dividend from gas profit is liable to WHT but balancing charge is not liable to Education Tax

Nigeria - June 3 2016 In Total E&P Nigeria v Federal Inland Revenue Service (FIRS), the issues before the Tax Appeal Tribunal (TAT) were: Whether interest paid…

Any tax assessment that is not in line with the law cannot be final and conclusive

Nigeria - June 3 2016 In Star Deep Water Petroleum Ltd v. Lagos State Internal Revenue Service, the Tax Appeal Tribunal (TAT) Lagos division held that an assessment that…

Tax Tribunal agrees with PwC on deductibility of expenses incurred outside Nigeria

Nigeria - June 3 2016 On 31 May 2016, the Tax Appeal Tribunal (TAT) sitting in Lagos ruled that under the provisions of section 27(i) of the Companies Income Tax Act…

Tax Appeal Tribunal Supports Tax Deduction for Modified Carry Arrangement Costs

Nigeria - June 2 2016 In May 2016, the Tax Appeal Tribunal (TAT) sitting in Lagos ruled that parties in Production Sharing Contracts (PSCs) with the Nigerian National…

Nigeria 2016 Q1 GDP shows that the economy contracts to -0.36%y/y

Nigeria - May 25 2016 First quarter real GDP growth in Africa’s largest economy contracted to -0.36% y/y (Q1’2015: 3.96% y/y) as the impact of the decline in oil prices…

FIRS now seals off companies that are clearly in tax default

Nigeria - May 14 2016 First it was posting of non-compliance stickers on the premises of defaulting companies. Now, the…

The 2016 Budget has been signed into law

Nigeria - May 6 2016 President Buhari has today signed the 2016 Appropriation Bill into law following the resolution of areas of disagreement between the Legislature and…

Tribunal says VAT reverse charge is applicable on imported services

Nigeria - April 8 2016 On 12 February 2016, the Tax Appeal Tribunal (TAT) Lagos division held that a Nigerian company that receives services performed by a non-resident…

Tax and Economic Action Plans from the Recent National Economic Council Retreat

Nigeria - April 6 2016 On the 21st and 22nd March 2016, the National Economic Council held a strategy retreat at the state house in Abuja. The aim of the retreat...

National Assembly Passes 2016 Budget

Nigeria - March 23 2016 The National Assembly has passed the 2016 Budget of the federal government of Nigeria. The Senate approved the $38 per barrel, daily production of 2…