Tax Matters

On 30 July 2024, the FHC, Abuja Division decided that the provisions of Section 18(2) of the Companies and Allied Matters Act 2020 apply to all private companies (Ltd) in Nigeria, including those incorporated before CAMA 2020.

The Federal High Court (FHC) has ruled that private companies incorporated before CAMA 2020 can have one shareholder Tax Alert | Issue 8.3 | August 2024...

The NCS has released the guidelines for the implementation of the 0% duty rate and VAT exemption on selected basic food items.

The Nigeria Customs Service Issues Guidelines for the Implementation of Zero Duty Rate on Some Basic Food Items Tax Alert | Issue 8.2 | August 2024...

The Executive Governor of Lagos State has issued an Executive Order for the compulsory subscription to Social Health Insurance by all Lagos State residents, employers, and workers.

Lagos State Government Issues Executive Order for the Subscription to Health Insurance Scheme by All Residents and Workers in La Tax Alert | Issue 8.1 | August 2024...

The PenCom has issued a Circular on “Emerging Matters on the Payment of Voluntary Contribution under the Contributory Pension Scheme. Please click the link below to read our newsletter on this Circular.

National Pension Commission Issues Circular on Voluntary Contributions Under the Contributory Pension Scheme Tax Alert | Issue 7.3 | July 2024...

The Federal Government of Nigeria is seeking to tax the realised profits from all foreign exchange transactions of banks in the 2023 financial year.

Nigeria imposes income tax on forex gains of banks Tax Alert | Issue 7.2 | July 2024...

The FMoF has issued the Deduction of Tax at Source Regulations 2024. The Regulations are aimed at providing clarity on the rules for the deduction of tax from payments made to taxable persons under the CITA, CGTA, PITA, and PPTA.

The Federal Ministry of Finance (FMoF) Issues the Deduction of Tax at Source (Withholding) Regulations 2024 July 2024 | KPMG in Nigeria...

The Nigerian Senate recently approved a US$500 million loan request by His Excellency, President Bola Ahmed Tinubu for the metering of electricity consumers in Nigeria in line with the Nigeria Distribution Sector Recovery Program.

Power Sector Q2 Updates June 2024 | KPMG in Nigeria...

Nigeria is endowed with vast reserves of natural resources such as energy minerals like coal and lithium, metallic minerals like gold and lead-zinc and industrial minerals like limestone and barite.

Nigerian Mining Sector Brief: Fourth Edition, June 2024. The Future Frontier for Nigeria's Economic Diversification...

Decentralisation of the grid has been a topical issue in the country since the signing of the Electricity Act (Amendment) Act into law. Commentators had argued that it was inefficient for the country to continue to maintain one central national grid

Grid Decentralisation - Issues Arising Grid Decentralisation - Issues Arising...

This FHC judgment affirmed the NMDPRA’s authority to enact regulations pertaining to the administration of midstream and downstream petroleum liquids operations.

FHC Affirms NMDPRA Authority to impose and collect Authority Fund and MDGIF levies from telecommunication infrastructure service Issue 2.5 | 29th February 2024...

On Tuesday, 27 February 2024, President Bola Ahmed Tinubu, GCFR, launched the EEL. The EEL is a government-mandated contribution imposed on organizations which engage expatriate workers in Nigeria.

Federal Government Launches the Expatriate Employment Levy Tax Alert Issue 3.1 | 1st March 2024...

The Federal Ministry of Interior has suspended the implementation of the EEL. The suspension of the implementation of the EEL is contained in a press release issued by the NACCIMA.

Federal Government Suspends the Implementation of the Expatriate Employment Levy Tax Alert Issue 3.2 | March 2024...