Nigeria Tax

The drive to increase government revenue through tax collection will not likely abate in the years to come as revenue from oil, which the government had been heavily depended on in the past is constantly declining.

For Nigeria to experience meaningful and enduring economic growth and development, its ability to attract substantial foreign direct investment (FDI) is crucial, as it permits transfer of technology and skills to facilitate improvements in productivity, which in turn translates to an increase in the country’s per capita income and an overall...

Over the past three years the Nigerian economy and public finances have been dealt a heavy blow by the fall in oil prices and depleted foreign exchange reserves. With the decline in oil revenue, focus has shifted to taxation as a source of income.

Many governments around the world have taken recourse to declaring periods of tax amnesty on the premise that it would encourage taxpayers to come forward and voluntarily declare their taxable income and ultimately drive revenue generation.

The importance of taxation in any economy cannot be overemphasised, and its effects remain significant. It helps greatly in the redistribution of income and gives the government funds that it can use to finance public services such as provision of adequate national security, public infrastructure, social security services, power, a network of...

A transfer price is the price charged between related parties (e.g., a parent company and its controlled foreign corporation) in an intercompany transaction. For example, if a subsidiary company sells goods to a parent company, the cost of those goods paid by the parent to the subsidiary is the transfer price. Transfer pricing (TP) could apply...