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New Developments
PwC Nigeria In this time of falling government revenue, there is a lot of focus on tax compliance by various tax authorities. PwC Nigeria The law establishing the FIRS, the Federal Inland Revenue Service (Establishment) Act, prescribes interest rate for late or non payment of tax at CBN Monetary Policy Rate (MPR) plus a spread (additional rate) to be announced by the Finance Minister.
PwC Nigeria The FIRS has issued a Public Notice informing all taxpayers, especially non resident companies carrying on business in Nigeria, to submit full income tax returns as required by law.
PwC Nigeria Generally the FIRS would seek to use the higher of the OSP and the RP for tax assessments.
ENSafrica The court came to the conclusion that the taxpayer’s reliance on the advice received was reasonable and therefore directed that the Commissioner should waive the section 89quat interest in full.
Cox Yeats As of 1 April 2014 the Income Tax Act 58 of 1962 (the Act) was amended to regulate “hybrid debt instruments” more closely.
Shearman & Sterling LLP The much anticipated Decree Law for Offshore Areas 1 and 4 was published on 2 December 2014 (Decree Law No. 2/2014).
ENSafrica These changes will not apply to the mining of industrial minerals such as lime, sand and gravel. |
Africa: Various tax related updates
Published in Africa
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