Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/27/2012

Nigeria - Regulations establish self-assessment regime 

July 27:   Nigeria’s self-assessment regime requires taxpayers to compute their tax liabilities, complete and file their tax returns by the filing date, and pay all or part of the tax amount due within the statutory period.

The rules for the self-assessment regime have been set out by the Federal Inland Revenue Service in regulations that were made publicly available in April 2012.


The regulations establish the self-assessment rules for corporate income tax, individual (personal) income tax, pay-as-you-earn (PAYE) contributions, petroleum profits tax, and value added tax (VAT).


Read a June 2012 report [PDF 158 KB] of the key provisions of the regulations and their implications for taxpayers in Nigeria, prepared by the KPMG member firm in Nigeria: Changes in the Self-assessment Regime in Nigeria: Implications for Taxpayers




©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to go-fmtaxnewsflash@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now

Contact us