Tax
From The Report: Nigeria 2015
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In conjunction with PwC, OBG explores the taxation system. There is also a viewpoint from Taiwo Oyedele, Partner and Head of Tax and Regulatory Services, PwC Nigeria, on the need for reforms to streamline the tax system.

Articles from this Chapter

Analysis

Recent reforms: Changes to tax regulations raise the level of enforcement
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Nigeria undertook a rebasing exercise of its GDP in 2014. This brings into sharper focus the very low taxrevenue-to-GDP ratio, which is now about 8% and a much lower ratio of 4% for non-oil taxes. There is pressure on the government to improve the ratio, but in reality this is not a quick fix. It will require a broad-based approach to address the complexity of tax administration, the ambiguities in the tax laws and the slow pace of tax dispute resolution. Below are some recent changes in the tax…

Overview

Nigeria’s tax framework and its implications for businesses
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Nigeria, like other nations, has rules and regulations governing the operation of corporate entities in the country. A foreign entity intending to do business in Nigeria is required by the Companies and Allied Matters Act (CAMA) to incorporate a Nigerian company for that purpose. Branch operations or offices of foreign companies are not allowed in the country except in rare circumstances involving government projects, where specific exemption for branch offices may be granted by the authorities. Basic…

Interview

Taiwo Oyedele, Partner and Head of Tax and Regulatory Services, PwC Nigeria, on the need for reforms to streamline the tax system
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While the tax burden in Nigeria is fairly in line with regional levels, the country is consistently rated lower than similar economies in areas like number of tax payments and time needed to comply. The “Paying Taxes” 2014 report, a joint study of tax regimes in 189 economies by PwC and the World Bank, finds that on average globally a medium-sized company has a total tax obligation of 43.1% of profits (52.9% for Africa), makes 26.7 payments (36.1 payments for Africa) and needs 268 hours (320…