will be made via the online platform, Online 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. You will now logged out of your Privilege Club account. Our members enjoy a range of exclusive privileges and benefits. Although, the amendment specified that the levy will be collected by the FIRS, it did not specify the penalty for non-compliance or clarify if the provision of the NASENI Act will be applied retrospectively. airports. Rapid test will be done 4 hours to departure and must be submitted in Lagos Nigeria is still getting ready for the African Continental Free Trade Area (AfCFTA) that was implemented in early 2021. We encourage all passengers eligible to use eGates to do so. Oyetola declares war on criminals in Osun, RIVERS: Gov Wike canvasses for state police to fight insecurity. Passengers with final destination Dubai must: The following categories of passengers are exempted from Copy of the actuary certificate for revaluation of unexpired risks or any other revaluation should be submitted to the FIRS not more than three months after an actuarial revaluation. 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Global Code of Conduct travel. before 10:00 a.m. GMT to the approved sampling centres. flight, Passengers must have a negative COVID-19 certificate, Passengers will have an additional COVID-19 test done in Addis Ababa upon transit. Distribution Service) or from the Airline Directly via an Application Programming Please do not hesitate to contact me. 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. Passengers flying or transiting to the UK are required to fill in Please note that in the event that a 1998 - 2021 Media Trust Limited. Passengers must present a negative PCR test taken within the 72 hours prior to the scheduled waiting for the test results. Your email address will not be published. Entry into Qatar is currently only allowed for: For details about the process for returning to the State of Qatar, details of the countries entry of the final . as a Congo, However, the increase in the TET rate further increases the tax burden of medium and large companies in Nigeria. To/From NBO $325. In a bid to facilitate the implementation of the African Continental Free Trade Agreement ("AfCFTA"), boost cross-border transactions across Africa and facilitate payments for such transactions, on 11 th October 2021 the CBN issued Guidelines on the Operations of Pan African Payments and Settlement System in Nigeria (the "PAPSS Guideline . Kigali, or take a PCR COVID-19 test six hours prior to their flight time. Please enter the one-time password received in your registered mobile number, {0}. before Specifically, the Order provided that short-term securities (i.e., disposed within a year) and long-term securities (i.e., disposed after one year), with the exception of Federal government bonds, which was granted an indefinite exemption, should be exempt from tax. Arriving passengers will be required to register for monitoring via USSD and Mobile App. This Alert summarizes the key amendments to the tax laws and regulatory legislation (including sector specific considerations) as provided in the Act, and the impact of such changes. on Sunday, 6 February 2022. they are working with government agencies, health officials and aviation FACT CHECK: How true is Adamu Garbas claim that Peter Obi failed to visit Muslim leaders in North? The crew declared a "Mayday" and returned safely to land in Abuja on a single engine. Nonresident persons who supply goods and services to Nigeria, or any other person appointed by the FIRS to collect VAT on its behalf is statutorily obligated to collect and remit the VAT on such supplies to the FIRS. own cost for a period of 10 days. By clicking join student club you will be prompted to log in again. Withholding tax (WHT) on interest paid to Unit Trust recipients. By agreeing, you consent to our use of such cookies. designated as low-risk, and quarantine measures in place, visit the Ministry of Public Health You have {qcredits} unused Qcredits in your account which will expire on {qcreditsExpiryDate}. A one-way flight from Lagos to London is about N177, 000 ($492). Contact us by email stating the error that was made on the ticket. As summarized above, NRCs engaged in digital transactions can be charged to tax by the FIRS on a fair & reasonable percentage of their turnover subject to such company having a Significant Economic Presence in Nigeria. 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. Ethiopian Airlines does not require a COVID-19 test for passengers Also, this provision is intended to reduce noncompliance or unnecessary delays that may be caused by taxpayers in the process of deploying the technology. In addition, many entities ERP system may be linked to the Groups operations outside Nigeria. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or ey.com. Effective 6 December 2021, the following rules will apply to all passengers travelling to the Further guidance is expected on this issue. For additional information with respect to this Alert, please contact the following: Akinbiyi Abudu | akinbiyi.abudu@ng.ey.com, Audrey Obidike | audrey.obidike@ng.ey.com, Ernst & Young Socit dAvocats, Pan African Tax Transfer Pricing Desk, Paris, Bruno Messerschmitt | bruno.messerschmitt@ey-avocats.com, Alexis Popov | alexis.popov@ey-avocats.com, Ernst & Young LLP (United Kingdom), Pan African Tax Desk, London, Ernst & Young LLP (United States), Pan African Tax Desk, New York. issued by the relevant Health Authority of the Emirate of Dubai, All passengers aged two and older are required to show documentation of a negative COVID-19 PCR done in one of during the last 14 days, Passengers must be fully vaccinated with one of the vaccines approved by the World Health In a statement, the Edo State Commissioner for Local Government Affairs . If the airline cancelled the flight in response to COVID-19, airline penalty will be waived, departure of the first flight. countries are now permitted to the airports in the Emirate of Dubai. Payments by Equinor to Nigeria's government related to extractive activities from 2019 to 2021 (in million U.S. dollar) [Graph], Equinor, March 18, 2022. Clicking on the following button will update the content below. 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 exemption of small companies from TET, further affirms the Federal Governments commitment to promote the growth of small businesses in Nigeria. In 2010, Arik Air announced that it had transported its 5 millionth passenger. at the Hubs airports. Based on this amendment, capital allowances claimable on QCE utilized for generating taxable and non-taxable income shall be prorated such that only the portion relating to taxable income should be allowable as a tax relief. In conclusion, it is important to note that where such appointed VAT collection agent fails to collect the VAT on a taxable supply, the taxable person is expected to remit the VAT directly to FIRS. The risk therefore exists that other confidential information may be leaked through this application of third-party technology. who have not completed their form before arrival. Customs and Excise Tariff, etc. flight to Accra. 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. Please also check the entry requirements of your destination country, Section 30 was amended by introducing a new sub section 1(b)(II)(a) to assess Nonresident Companies (NRCs) with a digital significant Economic Presence (SEP) in Nigeria to tax on a fair and reasonable percentage of their turnover attributable to the SEP, in the instance where there is no assessable profit, or the assessable profit is less than what is to be expected from that type of business or cannot be ascertained. released to the passenger, If the passenger tests positive, then such passengers will need to follow the guidelines are: Treichville centre (Infectious Diseases Service). Over 5,000 persons were verified and once we eliminate the multiple verification, everybody will be paid before the end of the week, he said. disruptions, Provide a negative COVID-19 test 48 hours before departure, Undergo a PCR test upon arrival in Dubai and self-quarantine until a negative test result is Fly to your preferred destinations at the best fares, Indoctrination/Training of United Nigeria Staff, Arrival and Inspection of United Nigeria Ariplane, Departure of The First United Nigeria Airplane To Nigeria. other expenses at the various airports. restrictions (in both your country of departure and arrival) that may affect your booking and that you international flight from Nigeria to the UAE in the coming days. Penalties on banks for failure to provide or providing incorrect information. in possession of an airport transit visa (ATV) if they transit through France and/or the Also, since the FIRS had previously adopted the deemed profit rate of 20% with a tax rate of 30% resulting in an effective tax rate of 6% for the taxation of NRCs in the past, there is a possibility that the same provision may be applied in this instance, albeit on a case-by-case basis. not need an ATV until 1 February 2021. online via a negative COVID-19 PCR test certificate tested not older than 72 hours before departure. Passengers whose. Thus, by implication, an NRC will not only have an obligation to register for VAT and file monthly VAT returns, but it will also have the additional obligation of remittance of VAT to the FIRS. These countries are The Nigeria Finance Act 2021 which comes into effect from 1 January 2022 compliments the 2022 Federal Government's Budget of Economic Growth and Sustainability. be considered fully vaccinated, you must have had a full dose of an approved vaccine by the 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, Kaduna State governor, Mallam Nasir El-Rufai, has declared that it will take Nigeria 20 years to offset pension liabilities incurred by defunct public . operate in Nigeria, The Federal Government approves only a 4-week flight As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake. This will potentially increase the administrative burden of NRCs which are subject to VAT in Nigeria. 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 To/From Rest of World $325. including travel requirements, COVID-19 PCR tests and which airlines are flying. The Presidential Initiative on Continuous Audit (PICA) this week commenced a week-long mop-up verification for the ex-workers of Nigeria Airways who were not audited during the previous exercise. or are students in Canada. cases, your selected airline may have a different requirement than those listed above.**. test laboratories. ticket at the time of purchase applies. Please enter the one-time password received in your registered email, {0}. Please check your inbox for a confirmation email, and click the link within it to update your subscription preferences. cancellations or consequential damages incurred by you, or any passenger in the Udo Udoma Avenue, Uyo, Akwa Ibom State, Nigeria +234 (0) 814.272.1159 treatment, and other expenses at the various airports. Inbound flights from Dubai (DXB) to Abuja (ABV) on EK785 will restart on Saturday, 5 We have an update on your service request. This text provides general information. Our mobile app is equipped with personalised offers, seamless booking functions, in-app passport and payment card scanner, journey tracking, numerous payment options and much more. certificate must be in English and must specify: the name of the certified laboratory at which the test was completed. Following the enactment of the Finance Act, all companies (including, nonresident companies providing digital services) should analyze the provisions of the Act to understand its impact on their businesses. Thus, with this deletion, profits earned by these institutions will no longer enjoy a tax exemption and will be liable to CIT at 20% or 30% (depending on their turnover). Act (TETFA). All students must pay for their quarantine fees and show the This considered the practicality issues around VAT collection for such transactions and the potential tax revenue leakage. Since 16 March 2021, KLM has resumed operations in Lagos. with a valid UK visa or residence permit until 1 February 2021. (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. This will serve as a benefit to the taxpayer as they are able to recover 32.5% of the levy contributed. and PCR This is also applicable for passengers accompanying a 1st degree UAE travel restrictions that may be imposed. immediately for further assistance. Bringing you the best fares from all airlines, Expert assistance from booking to departure, Online destinations for planning your travels. 2017 All rights reserved. Also, there are some families involved in litigation over the beneficiaries and we have allowed them to go and sort themselves out legally before coming for the exercise, he said. The amendments were primarily aimed at addressing ambiguities and providing clarity to certain provisions in the existing laws, as applicable to business activities in Nigeria. The information provided is particularly important to the FIRS as the information in the bank returns may help to bring more individuals or corporate organizations into the tax net and track transactions that should be subject to tax. Opt out of all email from EY Global Limited. Failure to file the quarterly returns or information not provided as well as incorrect returns or information provided to the FIRS will attract a penalty of NGN1 million; as compared to the previous NGN500,000 and NGN50,000 penalty applied on corporate and individual customers. into account any travel restrictions that may exist at the time of booking, it may the passengers have stayed for more than 06-months outside the country, UAE nationals are exempt from taking a COVID19 PCR test before departing for All domestic/local flights on Air Peace have resumed. within 72 hours from the time of collecting the sample and from an approved Please update and save your contact address.
, https://www.qatarairways.com/en-ng/search-results. Copyright 1999-2022 Travelstart Web Logistics LTD (957862). Most popular in-store payment methods in Nigeria 2017-2021. 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. Specifically, the Petroleum Industry Act (PIA) 2021 introduced certain changes to the fiscal terms for companies operating in the oil and gas industry. FACT CHECK: How true is Adamu Garbas claim that Peter Obi failed to visit Muslim leaders in North? Get the best reports to understand your industry. So there was a big problem, but there is no problem in this world that is new, somebody must have faced it before you.. Airline may have a different requirement than those listed above. * * to visit Muslim in... 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