Practical updates on tax, regulation and business in Nigeria — written by our partners to help you plan ahead and make confident decisions.
For decades, Section 19 of CITA taxed dividends as corporate profit whenever a company paid out more than it earned in a given year — a rule that quietly double-taxed retained earnings and punished holding companies. The Nigeria Tax Act repeals it outright. Here's what boards need to know about the new Section 19, and why dividend policy decisions are now materially safer.
Section 31 of the Nigeria Tax Administration Act puts record-keeping at the centre of self-assessment — every taxable entity must maintain records sufficient to establish its true tax position, retained for a minimum of six years. Fall short, and the tax authority can fall back on a Best of Judgment assessment, treating raw bank inflows as taxable turnover and disallowing expenses outright. We break down what changes, and what businesses should do now.
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