Highlights of this Edition :
What you need to know about Transfer Pricing (TP) in Nigeria
Major Deadlines in the month of October 2022, as relating to the Nigerian Tax space .
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Nigeria Tax Act — For years, Nigeria's tax obligations
were scattered across multiple laws — Companies Income
Tax, Personal Income Tax, VAT, Capital Gains Tax, Stamp
Duties, and more. The Nigeria Tax Act sweeps all of that
into one unified tax code. Less confusion, one reference
point, and a much simpler system for taxpayers and
administrators alike.
Nigeria Tax Administrative Act — This one is about
consistency. In the past, tax administration could vary
depending on which authority you were dealing with. This
Act standardises how taxes are administered across the
board — same rules, same processes, regardless of the
tax type. It protects taxpayers from arbitrary treatment and
makes the entire system more predictable.
Nigeria Revenue Service Act — This Act replaced the
Federal Inland Revenue Service (FIRS) with a new body
— the Nigeria Revenue Service (NRS). It is not just a
name change. The NRS comes with a redefined mandate,
updated governance structure, and a broader scope that
reflects the scale of tax reform the country is undertaking.
Joint Revenue Board Act — One of the persistent
headaches in Nigeria's tax system has been the lack of
coordination between federal, state, and local tax
authorities. The Joint Revenue Board Act creates a
statutory body to fix that — bringing all three tiers to the
same table to foster cooperation, reduce duplication, and
deliver a more cohesive experience for taxpayers across
the country.
The main focus of the Nigeria's New Tax law is simplicity,
progressive, consolidated, and pro-poor.
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