Nigeria’s Fiscal Leap: Key Q1 2024 Updates on Revenue and Tax Compliance Initiatives

Tax Newsletter: Key Q1 2024 Updates on Nigeria’s Revenue and Tax Compliance Initiatives

In the wake of the “Renewed Hope Budget”, Nigeria’s first quarter of 2024 remains bustling with fiscal activities as the Federal Government and its agencies continuously aim to increase revenue and ensure...

OALP Tax Wrap-up 2023 and 2024 Outlook

As 2023 drew to a close, the Nigerian tax landscape remained a vibrant arena of activity and evolution. The past year saw the Nigerian government's efforts to bolster tax revenue generation and...

OALP TAX PRACTICE QUARTERLY NEWSLETTER 2nd Quarter 2023

The second quarter of the year 2023 had an interesting start. It commenced with heightened curiosity as to what to expect after the general elections which ushered in a new government. Nigerians...

Taxation of International Shipping Companies in Nigeria: The Legal Regime

Following the issuance of a public notice by the Federal Inland Revenue Service(FIRS) to International Shipping Companies (ISCs) deriving income in Nigeria to regularize their tax compliance status, the FIRS recently issued...

OALP Tax Practice Newsletter 1st Quarter 2023

The Nigerian tax space in 2023 began with the signing of the 2023 Appropriation Bill into law by the President; this was shortly followed by the omnibus Business Facilitation Act which was...

OALP Tax Wrap-Up 2022 and 2023 Outlook

In 2022, the Nigeria’s government intensified its drive to boost tax revenue generation. The year witnessed important tax legislations and policies, which increased compliance requirements and strengthened tax administration at the various...

Federal High Court Rules on EFCC’s Powers to Investigate Taxes of Companies

As the Nigerian government continues its revenue drive, questions on the exercise of fiscal powers continue to arise. In Wheatbaker Investments and Properties Limited v. Economic and Financial Crimes Commission (EFCC) &...

FIRS PUBLIC NOTICE ON CERTIFICATE OF FIXED ASSET ACCEPTANCE AS A PRECONDITION FOR THE...

The FIRS in a recent public notice requested that all companies submit their Certificates of Fixed Assets Acceptance (CAFA) on Qualifying Capital Expenditures (QCEs) for capital allowances enjoyed between 2016 and 2021...

TAT LAGOS SETTLES CONTROVERSY ON THE SCOPE OF STOCK-IN-TRADE FOR THE CLAIM OF INPUT...

In what may be regarded as a breakthrough for players in the manufacturing sector in Nigeria, the Tax Appeal Tribunal provided clear parameters for the determination of "Stock in Trade" by expanding...

Olaniwun Ajayi Tax Wrap-up Report

With the birth of the Petroleum Industry Act which had spent 16 years in incubation; the yearly visitor - the Finance Act, which has become the new normal under the Muhammadu Buhari-led...