SUMMARY OF GUIDELINE ON THE TAX TREATMENT OF NON-GOVERNMENTAL ORGANISATIONS
According to the Nigerian FIRS Guideline on Tax treatment of Non-governmental organisation, NGOs are subject to a number of taxes such as income tax, Capital Gains Tax etc. Read more
Summary Of Provision Of The Significant Economic Order And Compliance Steps
According to the Nigerian Finance Act, foreign companies which provide some specific services to Nigerians or persons resident in Nigeria may be liable to pay Companies Income Tax if they
AUTHORIZED SHARE CAPITAL TO MINIMUM ISSUED SHARE CAPITAL, WHAT YOU NEED TO KNOW
Nigerian companies with unissued shares must issue them or reduce capital before 31 December 2022. Read more
Are You Data Protection Complaint?
Are you data protection compliant? See below our post on one of the may benefits of data protection compliance. Read more
The Banks And Other Financial Institutions Act 2020
Are you a Nigerian payment system provider or are you investing in one? Your business may now be categorized as an Other Financial Institution to be regulated by the Central
EMPLOYEES OR INDEPENDENT CONTRACTORS
Is your business model based on some of your team members being independent contractors/contract staff and not employees? Then you may need to reassess your risk to those team members
NIGERIAN PRIVACY REGULATOR FINES FINTECH FOR DATA PRIVACY BREACH
Under Nigerian Privacy laws, a personal data breach means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data.
ARE YOU A SUSTAINABLE INVESTMENT OR NOT?
The EU has passed regulations mandating disclosure as regards sustainable investments to protect investors from financial products and companies that claim to be sustainable but are not. These EU regulations
The CBN Regulatory Framework For Open Banking In Nigeria
THE CBN REGULATORY FRAMEWORK FOR OPEN BANKING IN NIGERIA The Central Bank of Nigeria “CBN” on 17 February 2021 issued the Regulatory Framework for Open Banking in Nigeria (‘the Framework’)
CHANGES OCCASIONED BY THE FINANCE ACT 2020
CHANGES OCCASIONED BY THE FINANCE ACT 2020 The President Buhari on 31st December 2020 signed into law the Finance Act 2020. The Act amends among others the Capital Gains Tax
SEC PRESS RELEASE ON CRYPTOCURRENCIES
The Securities and Exchange Commission “SEC” on 12 February 2021 issued a press release “the Press Release” to address comments on a perceived policy conflict between the SEC Statement on
GAS SALE AND PURCHASE AGREEMENT
An Introduction A Gas Sale and Purchase Agreement (GSPA) is the key agreement detailing the sale and purchase of a quantity of natural gas. Natural Gas is an invisible product
CBN Prohibition Letter To Financial Institutions On Cryptocurrency In Nigeria
The Central Bank of Nigeria “CBN” on 5 February 2021 published a circular “2021 Circular” which it titled Letter To All Deposit Money Banks, Non-Bank Financial Institutions And Other Financial
Energy Updates
FG Okays N35bn For NEPZA Power Station The federal government yesterday approved the sum of N35billion for the building of a power station by the Nigerian Export Processing Zone Authority
LIRS EXTENDS DEADLINE FOR FILING ANNUAL RETURNS
The Lagos Internal Revenue Services (LIRS) on the 29th day of January 2021 issued a Public Notice extending the deadline for the filing of Employer’s Annual Return. This extension is
The CBN Framework For Regulatory Sand Box Operations
The Central Bank of Nigeria (CBN) on 13 January 2021 published a Framework on Regulatory Sandbox Operations (‘the Framework’) for a formal process to conduct live tests of new, innovative
NEW LICENCE CATEGORIZATION FOR THE NIGERIAN PAYMENTS SYSTEM
The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorisations for the Nigerian Payment Systems (NLC Circular), which has made it easier to
