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Nigeria’s 2021 Appropriation Act

The Budget, themed “Budget of Economic Recovery and Resilience”, was prepared amidst the global Covid-19 pandemic and decline in the price of crude oil.

Major Highlights of the proposed 2021 Budget

The President of the Federal Republic of Nigeria, His Excellency, President Muhammadu Buhari presented the proposed 2021 budget (Appropriation Bill 2021) to the Joint Session of the National Assembly on Thursday, 08 October 2020.

Tax Appeal Tribunal Rules on Dis-allowable Expenses in Determination of Companies’ Assessable Profits and Regulations

The Tax Appeal Tribunal, on 28 February 2020, delivered a judgment in the case of Tetra Pak West Africa Ltd (“Tetra Pak” or “the Appellant”) against the Federal Inland Revenue Service (FIRS), pronouncing on the deductibility of expenses incurred by the Appellant towards payment of school fees of expatriate staff’s dependents,...

President Signs Companies and Allied Matters Bill 2020 into Law – Highlights and Major Changes

On 07 August 2020, the President of the Federal Republic of Nigeria signed the Companies and Allied Matters Bill 2020 into law.

Federal Government of Nigeria Announces Marginal Fields Bid Round 2020: What Fiscal Concessions are available for Operators

The Department of Petroleum Resources (DPR), on behalf of the Federal Government of Nigeria (FGN), has announced the commencement of 2020 Marginal Fields Bid Round exercise.

The Minister Of Finance issues Value Added Tax (Modification) Order 2020

The Federal Government of Nigeria through the office of the Minister of Finance, Budget and National Planning has recently modified certain provisions of the Value Added Tax Act 2004 as amended (VATA or “the Act”) vide an order titled the Value Added Tax (Modification) Order 2020 (“the Order”) published on 04 February 2020;...

Federal Government waives Import Duty and VAT charges on essential medical equipment

The President of the Federal Republic of Nigeria, on the 7th May, 2020, approved the waiver of Import Duty and Value Added Tax (VAT) on the importation of essential medical equipment for an initial period of six (6) months.

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