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Nigerian Tax Implications of Offshore Trust

INTRODUCTIONOffshore trusts are usually set up by High net-worth individuals (HNIs) and business owners seeking to ensure that their assets and investments are held to guarantee optimal returns and preservation of wealth. The generally adopted structure for this purpose is the Private Trust Agreement.A trust is an arrangement whereby legal ownership of certain assets is […]

FIRS Circular on Value Added Tax (VAT)

The Finance Act (“FA”) 2019 amended some provisions of the Value Added Tax Act (“VATA”) Cap V1, LFN 2004 (as amended). The Federal Inland Revenue Service (“FIRS”) Circular is issued as guidance to all stakeholders and FIRS position onappropriate implementation of relevant provisions of the VATA.In this tax alert, we examine relevant matters clarified in […]

Taxation of The Digital Economy in Nigeria

Nigeria is capturing only a fraction of its digital economic potential and will need to make strategic investments to develop a dynamic, transformative digital economy, according to a new World Bank assessment. The Nigeria Digital Economy Diagnostic says that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria […]