HIGHLIGHTS OF THE TAX MASTERS SPECIAL TRAINING

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REVISED NATIONAL TAX POLICY RELEASED

The Federal Executive Council on Wednesday, 1^st February, 2017 approved the revised National Tax Policy (NTP). The Policy is expected to guide the operation and review of the Nigerian Tax System and provide the basis for future tax legislation and administration.

The Policy addresses measures regarding guiding principles of the Nigerian Tax System, the responsibilities of stakeholders in the Nigerian Tax System, Tax Administration and Implementation amongst others.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed to State House Correspondents on Wednesday, 1^st February, 2017 that the main thrust of the tax policy is to establish fundamental principles to guide and orderly develop the Nigerian Tax System towards meeting its objectiveness.

The Minister also disclosed plans to increase Value Added Tax on certain luxury items at a rate to be determined by the National Assembly.

Download the Amendment Regulation here: https://dochub.com/taxmasterstraining/vvDNE2/national-tax-policy?dt=1x1np46vr09vbqax

Read the article here: https://dochub.com/taxmasterstraining/NK3yKV/federal-executive-council-approves-revised-national-tax-policy?dt=h4n0cz7lntnubhyx

THE MINISTRY OF FINANCE ISSUES REGULATION REVERSING WHT RATE TO 5%.

The Federal Ministry of Finance has issued a Regulation reversing the Withholding Tax (WHT) rate for all aspect of building, construction and related activities to the old rate of 5%.

The commencement date of the Regulation titled “Companies Income Tax (Rates e.t.c of Tax Deducted at Source (Withholding Tax)) Amendment Regulation, 2016” is  9th November 2016.

It can be recalled that in January 2015, the Federal Ministry of Finance reduced the rate of WHT for all aspect of building, construction and related activities from 5% to 2.5% through the Companies Income Tax (Rates e.t.c. of Tax Deducted at Source (Withholding Tax)) Amendment Regulation 2015.

The new Regulation however, does not affect transactions that were carried out before the coming into effect of the Regulation. From the provisions of the Regulation transactions carried before 9th November, 2016 when the 2015 Regulation was applicable would still be assessed at the rate of 2.5%.

Companies engaged in the above services are advised to be guided by this Regulation. 

Read the article here: https://docs.google.com/document/d/1KQvRCQBH3FM2RVv2yyjGpf3Xf7myF9wmmrq3JxNZmE8/edit?usp=sharing

  

Download the Amendment Regulation here: https://dochub.com/taxmasterstraining/9PO4aX/tm_tax_laws_wht_amendment_regulation_2016?dt=zfllod1mi0pfsgjd