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LIRS Issues Public Notice on “Taxation of Employee Loans”

As government remains resolute on the achievement of its Economic Recovery and Growth Plan (ERGP) through tax drive, tax authorities have increasingly begun to identify areas of ambiguity in the tax laws, which could lead to loss of tax revenue if not properly addressed. Just on the heel of the release of Public Notices cautioning…
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The OECD’s MLI is Changing the International Tax Landscape: Implications for Nigeria as a Signatory Country (Cont’d)

Continued from yesterday... What are the Implications for Nigeria as a Signatory Country?  On 17 August 2017, the Executive Chairman of the Federal Inland Revenue Service (FIRS) signed the MLI on behalf of Nigeria, making Nigeria the 71st signatory jurisdiction. On the same day, he also signed the Common Reporting Standard Multilateral Competent Authority Agreement…
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The OECD’s MLI is Changing the International Tax Landscape: Implications for Nigeria as a Signatory Country

What is the MLI? As part of the Organisation for Economic Co-operation and Development (OECD)/ G20 project to tackle Base Erosion and Profit Shifting (BEPS)[1], in June this year, over 70 countries participated in the signing ceremony of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or…
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