The Federal Inland Revenue Service (FIRS) on 2 June 2020 extended the deadline for waiver of penalty and interest (P&I) on outstanding tax liabilities arising from desk reviews, tax audits and investigation to Tuesday, 30 June 2020.
Lafarge Africa's (Lafarge) Q1 2020 earnings of N8.1bn improved 215% y/y. The primary drivers were a -65% y/y decline in net finance charges following the firm's deleveraging off its balance sheet via a N90bn rights issue and divestment from its South African Holdings in 2019.
Oil prices spiked by 1.1% to above $38pb as expectations for a more disciplined enforcement by OPEC buoyed market sentiment. Nigeria will benefit from the price increase but its revenue will suffer the impact of a production cut. The FGN benchmark price gives enough room for revenue swings.
The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in the Finance Act 2019 (FA19). The Minister issued the Order in line with Section 13(4) of Companies Income Tax Act (CITA), as amended by FA19. The Order has a commencement date of 3 February 2020, although it was made public on 29 May 2020.
The MD/ CEO of SIMTEC Nigeria Limited, Mr John Wesey, a management consultant, believes that COVID-19 has changed the living of people globally and there would be no return to an old normalcy after the ease of lockdown as the fear and anxiety of no Vaccine or cure for the virus would persist.
The GC Index has been described as a strategic tool that can enable organizations to fully embrace digital transformation seamlessly, that will bring efficiency and productivity to the system. Key stakeholders in the governance and finance disclosed this at a recent webinar organized by the Leading Edge Consulting limited.