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June 03, 2020

FIRS Extends Deadline for Waiver of Interest and Penalty on Outstanding Tax Liabilities

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.

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June 03, 2020

Lafarge Africa Maintained Outperform Rating in Q1 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.

188 VIEWS

June 03, 2020

Increased Global Output Of Grains Are Expected To Keep Prices Depressed

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.

188 VIEWS

June 03, 2020

Finance Act 2019: Minister Clarifies the Meaning of Significant Economic Presence

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.

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