However, based on this amendment, such NRCs may be subject to income tax on a deemed profit basis at the discretion of the FIRS, to the extent that their actual profits cannot be readily and reflectively computed, i.e., the decision to opt for the deemed income basis of taxation by the NRCs should not be automatic. Federal Inland Revenue Service (FIRS) Establishment Act (FIRSEA), Use of third-party technology for tax administration purposes. We use strictly necessary, performance, functional, and marketing cookies to ensure our website runs smoothly, help you out with things like logging in and personalise your experience. done in one of In order to get relief for the levy, Section 22 of the NASENI provides that all contributions to the fund of the Agency shall be tax deductible. cancellations or changes to planned schedules. disruptions, The One of the major ideas behind setting up Air Peace is to create massive employment opportunities for Nigerians, thereby contributing to the well-being of our people. Organization and The Egyptian Medicines Authority, Passengers can travel to Egypt after 14 days of receiving the second dose of Pfizer, negative COVID-19 PCR test not more than 72 hours before departure. time, are Prior to the enactment of the Finance Act, the FIRS had issued a directive which attempted to appoint NRCs as collection agents so as to collect and remit VAT for supplies made via electronic or digital means, particularly for business to consumer transactions. their The Nigeria Finance Act 2021 continues the tax reform measures introduced by previous Finance Acts, and indicates the governments drive to increase tax revenue to continue to meet rising recurrent, capital and debt obligations. Section 4 of the NPTFA was amended to include a new subsection 3, which now empowers the FIRS to administer, assess, collect, account, and enforce the payment of the Police Trust Fund (PTF) levy. nationals relative or domestic worker escorting a UAE national sponsor during You can also The Presidential Steering Committee (PSC) on COVID-19 present Capital allowance brought forward by an SME is now treated as having been claimed and consumed in each year of assessment and the residual carried forward into subsequent years. Waitono said PICA had planned to start the payment of already verified pensioners in batches of 1,000 but had to halt the disbursement after it was discovered that some of the beneficiaries were verified in more than one location. our Cookie and Privacy Policy. US places $5m bounty on Al-Shabaab spokesman, Protests rock Iran over poisoning of school girls, Five killed as US medical transport plane crashes, Russia-Ukraine War: China calls for cease-fire, seeks peace talks, US President, Biden, calls for peaceful, transparent elections in Nigeria, Ohanaeze rejects 2023 presidential election results, says its worst poll ever, PRESIDENTIAL POLL: APC youths berate Obasanjo, urge Nigerians to unite, build a new nation, Obis running mate, Baba-Ahmed, claims Labour Party won Nigerias presidential election, ACF urges Tinubu to treat Nigerians as one big family, Tinubu meets Buhari, presents certificate of return, Investors shed N162.1bn amidst sell-off in Nigerias capital market, Presidential poll: What Tinubus victory signals for fuel subsidy, fuel price, IMF reveals problems with CBNs anchor borrowers programme, Nigerian oil companies flared N362.9bn gas in 2022, Nigeria stock investors make N1.4trn in February, INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains, INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities dont have a drop, INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities, Students suffer as contractors abandon Kano school projects after receiving over N70m, SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise. FACT CHECK: Was Tinubus convoy stoned in Rivers State? FACT CHECK: Did INEC cancel all polling units in Alaba, Enugu, others? years of age or older, Children under 5 years of age are not required to take a pre-departure test, Upload proof of vaccination and travel documents in, Complete arrival test and quarantine if selected, You must be prepared to quarantine when entering Canada as you could be selected for an arrival data than referenced in the text. Please contact us for further assistance. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. travel restrictions that may be imposed. flight, Passengers must have a negative COVID-19 certificate, Passengers will have an additional COVID-19 test done in Addis Ababa upon transit. 2 other stories and a trivia, Nokia updates logo to signify new era. Daily flight operations to and from Abuja will commence BPE was only trying to find the solution to the pension arrears, so we pleaded for time to study the pension problem. website or Qatar Portal website. to flights to Dubai as well. The PTF levy is payable by all companies operating business in Nigeria at 0.005% of their annual net profit and is to be remitted as directed by the FIRS. testing Although a guideline is yet to be issued by the FIRS in this regard, i.e., post enactment of the noted provision in the Finance Act, it appears that the intention of the FIRS (based on the provision of the first mentioned guideline) is to appoint such NRCs as the VAT collection agent. The text must be, Passengers must complete the self-declaration form before departure. traveller, Effective 8 November 2020, all passengers must have a compulsory layover in Addis Ababa, Passengers should have both nucleic acid and IgM antibody test 48 hours before boarding the The national vice chairman of the ex-workers union of the Airways, (north), Mr Mohammed Adamu who disclosed this, said that most of the eligible workers had been audited and paid 50 per cent of their severance package after the earlier exercise conducted in the six geo-political zones in September 2018. in possession of an airport transit visa (ATV) if they transit through France and/or the Bringing you the best fares from all airlines, Expert assistance from booking to departure, Online destinations for planning your travels. international flight upon producing: Additional measures have been rolled out at Moroccan This revised protocol comes into effect on 5th December, 2021. Contact Us Head Office : 25 Sobo Arobiodu Street GRA, Ikeja, Lagos, Nigeria. While this amendment should (to an extent) address the pending issue as to profit attribution for digital businesses in Nigeria, it is unclear, what percentage of turnover should be deemed as taxable profits for such companies. entry into the Netherlands, however, exceptions are permitted. Airlines of Nigeria [ edit] See also [ edit] List of defunct airlines of Nigeria List of airports in Nigeria List of airlines References [ edit] External links [ edit] List of popular airlines In Nigeria Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development. Please check the contact centre page to read more. The amendment further states that EMTL subsequently collected shall be distributed within 30 days following the month of collection. Expatiating, he said: We suggested that the Federal Government should pay one percent of the pension liabilities from the federation account, but the then Attorney General of the Federation, late Chief Bola Ige kicked against it, saying that it was totally unconstitutional. FACT CHECK: Was Tinubus convoy stoned in Rivers State? Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. This would however not apply where the company has a pioneer status under the Industrial Development (Income Tax Relief) Act. All passengers flying to China must on Ethiopian Airlines should note that: For passengers travelling from India, Bangladesh, Pakistan, Bhutan, Myanmar, Nepal, Sri Lanka, Brazil, also check the entry requirements of your destination country, as a quarantine period or mandatory into account any travel restrictions that may exist at the time of booking, it may Based in Lagos, Nigeria, Green Africa Airways made headlines during the 2020 Singapore Air Show when it canceled an order of 50 Boeing 737 MAX aircraft and announced a purchase agreement with Airbus for 50 Airbus A220 jetliners in a deal worth $3.5 billion. Passengers above the age of 13 must fill a health declaration form before departure and have a copy Required fields are marked *. So we set up a committee headed by Kola Abiola, the committee worked for many months, and it was an excellent report, a three-volume report. The layover must be over 10 hours so passengers can take the rapid antigen test at Although, the law has specified the agency responsible for the collection of the levy, the FIRS may need to clarify if the levy will be paid retrospectively, i.e., from 2019 or will be on a going forward basis. The Presidential Initiative on Continuous Audit (PICA) has said that payment of the approved N22. The Nigeria Finance Act 2021 was passed by the National Assembly and signed into law by President Muhammadu Buhari on 31 December 2021. one test center is located in the international transit area (Concourse Z) to This text provides general information. It is expected that the government will continue to periodically assess and review the implications of some of the changes introduced, including engaging with key stakeholders to ensure that intended revenue and other broader objectives are met. More info Our site uses cookies that are essential, while others help us to improve your experience. The amendment now clarifies the income tax treatment of interest earned by Unit Trust holders/recipients, in addition to the existing provisions and benefits noted in the CITA for Unit Trust Schemes/holders. they are working with government agencies, health officials and aviation If you are travelling on KLM and are a Nigerian National, you do email and we will assist you to book a COVID-19 test. Among them This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. might be a requirement when flying from Nigeria. Please enter the one-time password received in your registered mobile number {0} or email address {1}. Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development. On 22 February 2021, British Airways entered into a five year term-loan of 2 billion underwritten by a syndicate of banks, partially guaranteed by UK Export Finance. on Sunday, 6 February 2022. valid negative COVID19 RTPCR certificate from the point of origin. Pensioners of the now-defunct Nigeria Airways are currently protesting the non-payments of their entitlements by the Federal Government. Functional cookies allow us to remember your choices (such as your choice of country and language preference) when you return to our website and app. The exemption from VAT registration and compliance obligation applicable to small companies with annual turnover less than NGN25 million excludes companies engaged in upstream petroleum operations regardless of turnover. Similarly, direct data access to the information of companies poses risk of leakage of confidential information and trade secrets of taxpayers. Also, it should be noted that this exemption will only be granted where the relevant returns are filed on or before the filing due dates. Earn or redeem Avios now to keep your balance active for another three-years. Copyright 2021 Ripples Nigeria. Enter your place of departure. 11 August 2021 Reuters Oil giant Shell will pay a Nigerian community $111m (80m) over an oil spill more than 50 years ago. Delta launches Voluntary Contact Tracing for travellers returning concern. The Finance Act introduced over 40 amendments to the existing tax and regulatory legislation in Nigeria, including the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, and Value Added Tax Act, among others. This is important considering that CGT returns are to be filed at a six-month interval (i.e.,30 June and 31 December, depending on the period when a disposal is made). You will now logged out of your Privilege Club account. Privacy | The QR code for the form is also available at the check-in area for passengers be subjected to a PCR COVID-19 test to confirm their status, Travellers who test negative are advised to observe a 14-day self-monitored quarantine at their Tertiary Education Trust Fund (Establishment, etc.) present a mandatory negative PCR test certificate, In case the ID now COVID-19 test is positive and the passenger is not Egyptian, the through contact tracing. RipplesNigeria without borders, without fears. open within the time frame communicated by the airlines. including travel requirements, COVID-19 PCR tests and which airlines are flying. Cookies | Opt out of all email from EY Global Limited. The penalty is payable for each quarterly return not filed by the bank. Such 30-day notice, upon a written request by the taxpayer, may be extended or withdrawn by the FIRS provided the taxpayer has demonstrated a good cause. Nigeria has the largest black population in the worldmore than 200 million peopleand a GDP of USD 480 billion. Effective 6 December 2021, the following rules will apply to all passengers travelling to the (Consolidation) Act was amended to introduce an excise duty charge of NGN10 per liter on non-alcoholic, carbonated, and sweetened beverages produced and imported in Nigeria. These amendments have provided alignment and clarity (to an extent) to the noted provisions as it relates to the taxation of insurance companies, given the specialized nature of such businesses. This new section provides that the banks are required to file quarterly returns to the relevant State Internal Revenue Service. supervision of the health authorities. Our plan was that in about 20 years, Nigeria would have been done with pension liabilities. This doesnt apply to passenger with This would however not apply where the company has a pioneer status under the. Non-alcoholic, carbonated, and sweetened beverages are generally in high demand in Nigeria. I agree to the terms and conditions of the Privilege Club Programme. Fly to your preferred destinations at the best fares available. Frankfurt Airport: Passengers can now fly to Dubai on Qatar Airways. ***Please note that the requirements are constantly Ziuss power set to dominate Nigerias energy market, Procurement audit saved N628b from MDAs in seven years, Top 10 stories from across Nigerian Newspapers, Monday 27th February 2023, EFCC operatives storm El-Rufais polling unit in Kaduna, 10 lessons from 10 years of media monitoring and intelligence profession, Top 10 stories from across Nigerian Newspapers, Friday 24th February 2023, Top 10 stories from across Nigerian Newspapers, Wednesday, February 22, 2023, El-Rufai alleges Emefiele connived with PDP on naira redesign, Your email address will not be published. online via Student Club offers your unparalleled opportunities, including up to 20% off flights, extra baggage allowance, travel flexibility, complimentary Super Wi-Fi and more. They will be He, however, advised the ex-workers to cooperate with the verification officials by providing all the required documents. old: For passengers under the age of 6 years old: Take a antigen test (for passengers over the age of 6 years old). Aggregate disposal proceeds in any 12 consecutive months are less than NGN100 million, provided the person(s) renders appropriate returns to the Federal Inland Revenue Service (FIRS). Passengers could be We are happy to help. Here is a travel checklist of the essential information you need to know, Notify me of follow-up comments by email. The Birmingham resident told the BBC she spent approximately 12 months - most of 2021 - trying to persuade BA to reconsider her request. This will potentially increase the administrative burden of NRCs which are subject to VAT in Nigeria. 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