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Tax Discourse

14 Sep
Bitcoin is among the highly traded cryptocurrencies that have gained mainstream and global adoption. People can use this digital currency as a store of value and a medium of exchange. For instance, you can sell this digital money in exchange for US dollars or even exchange Bitcoin for other cryptocurrencies via a platform like Bitcode Prime However,…
15 Jul 2020
From our earlier two publications on this topic, IFRIC 12 describes the accounting treatment of concession contract arrangements which until the 1st of January 2008 did not possess clear and simple guidelines for booking due to the many differences in the Public Private Partnership (PPP) project’s concession arrangement. The IFRIC came as a response to…
8 Jul 2020
IFRIC 12:7 envisages that under certain service concession arrangements the operator does not undertake construction or upgrade activities, but instead the grantor gives the operator access to existing infrastructure for the purpose of the service arrangement. [IFRIC 12:7(b)] However, IFRIC 12 does not deal specifically with situations in which a service concession arrangement consists only…
7 Dec 2018
Introduction We now have additional rules you need to follow to obtain a tax deduction for intra-group service fees. The Federal Inland Revenue Service (FIRS) updated the Income Tax (Transfer Pricing) Regulations, 2018 (“2018 TP Regulations”) to include specific requirements taxpayers must meet before their intra group services will be considered to be arm’s length.…
9 Nov 2018
One of the changes in the 2018 TP Regulations is the complete overhaul of the safe harbour provision. In this article, we examine these changes and provide recommendations for dealing with some of the shortcomings we have identified.
10 Jul 2018
The Regulations require Multinational Enterprises (MNEs) that are headquartered in Nigeria to prepare and submit annual CbCRs which summarise the global financial and tax information of all members of the group to the Federal Inland Revenue Service (FIRS).
8 May 2018
Paul is serious about changing jobs. He has interviewed with 7 potential employers in the last 5 months. None of them has called him back. Today, he is sitting across the table from Anne; potential employer number 8.
20 Apr 2018
Effective July 2017, the OECD updated its transfer pricing (TP) guidelines for MNEs and tax administrations (“the Guidelines”) to align with the recommendations from the base erosion and profit shifting (BEPS) project.
15 Mar 2018
Lagos State has always had the fortune of having resourceful governors, active and focused. They apply themselves diligently and admirably to their assignments. I must begin from the beginning as they say in local parlance. Step forward and take a bow, Lateef Jakande, (LKJ) the action governor and Baba Kekere. He laid the solid foundation…
7 Mar 2018
Since the Land Use Charge Law 2018 was passed into law, social media has been agog with commentary. It has become one of the most topical issues and other issues such as the Champions League and Big Brother Africa have taken a back seat. Land Use Charge...
17 Jan 2018
You can describe 2017 as a challenging and taxing year, and you will be right on the money. A lot happened in the tax space which was reflective of the drive by government at all levels to collect more tax revenue and to expand their tax bases. This effort did not yield the desired result…
19 Dec 2017
The third trimester of any pregnancy is usually filled with anticipation as prospective parents and loved ones eagerly look forward to the expected outcome. It is not unusual for the parents to place bets on who the unborn child would look like or, in some cases, what the gender is. Similarly, with the Voluntary Assets…
27 Nov 2017
When the international community agreed there was a need to fix the international tax rules through the BEPS project, one of the problems they had to address was how to ensure that the recommendations from the project....


1 hour ago
Massive flooding on Sunday overran Ajaokuta-Ganaja-Lokoja road in Kogi which links the metropolis to the eastern part of the state.
3 hours ago
The Lagos State Environmental Enforcement and Special Offences Unit impounded 150 motorcycles for violating traffic rules in the last one week.
3 hours ago
Just as most beliefs, the Yoruba culture includes a world of myths, allegories, poetry and the love and wisdom of the Ifa divination system which helps to remind the Yoruba people of their past and customs that have survived through history and have helped shape their literature and religion as we know it today. Yoruba…
4 hours ago
September 10 of every year is dedicated to preventing suicide in our society. The 2022 World Suicide Prevention Day theme is “Creating Hope through Action.” The World Health Organization estimates that about 703,000 people die from suicide every year. That translates to about one suicide death every 44 seconds and 1,926 deaths every day. The…
4 hours ago
Police Service Commission (PSC) has extended the closure of its recruitment portal for the 2022 batch of constables in the Nigeria Police Force (NPF) by one month.