Tax
From The Report: Nigeria 2017
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In conjunction with Deloitte Nigeria, this chapter explores the taxation system, examining Nigeria’s investor-friendly environment.

It also contains a viewpoint with Yomi Olugbenro, Partner and Head of Tax, Deloitte Nigeria.

Articles from this Chapter

Overview

Widening the net: A detailed look at national tax policy and administration
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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. National Tax Policy A revised national tax policy (NTP) was approved by the Federal Executive Council on February 1, 2017. The NTP is a document which sets broad parameters for taxation and ancillary matters connected with taxation in Nigeria.…

Analysis

A soft landing: Examining the recently introduced voluntary asset and income declaration scheme
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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. In recent years, Nigeria has been beset with the herculean task of finding alternative revenue sources in the wake of dwindling global oil prices and the resultant revenue shortages. It is therefore not surprising that on June 29, 2017, Oluyemi Osinbajo,…

Viewpoint

Inclusive policies: Yomi Olugbenro, Partner and Head of Tax, Deloitte Nigeria, on developing a better tax policy for smaller businesses
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Viewpoint:Yomi Olugbenro Micro-, small and medium-sized enterprises (MSMEs) are the driving force for economic activity and innovation. They contribute to growth through job creation, investments, exports and taxation. In Nigeria the economy is largely dominated by MSMEs, with an estimated 96% of all businesses falling in this category. MSMEs account for 84% of the country’s workforce and contribute approximately 48.5% to GDP. However, despite the vital role that MSMEs play in the economy,…