The. By clicking Subscribe, you 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. FACT CHECK: Was Tinubus convoy stoned in Rivers State? Furthermore, with respect to the disposal of Nigerian Government securities, an income tax exemption was previously granted for bonds and securities under the provisions of the Companies Income Tax (Exemption of Bonds and Short-term Government Securities) Order 2011. Need help with your booking? We have an update on your service request. Please also check the entry requirements of your destination country, Clarity should be provided on the conditions for approval of subordinated liabilities and other admissible assets stated in this section. Travelstart cannot be held liable for any operational changes, World Health Organization and The Egyptian Medicines Authority, ID Now / PCR-NAA/ Antigen/IGg-IGm tests are NOT accepted by Egyptian authorities, Passengers arriving from Cameroon ONLY can present a copy / electronic PCR certificate, PCR test certificates expire as soon as the passenger has used it to travel outside Egypt. Such proceeds from disposal are reinvested within the same tax year, to acquire shares in the same company or other Nigerian companies. Our members enjoy a range of exclusive privileges and benefits. international flight from Nigeria to the UAE in the coming days. into account any travel restrictions that may exist at the time of booking, it may Passengers may be tested on arrival and, in the event of a positive result for COVID-19, they Federal Inland Revenue Service (FIRS) Establishment Act (FIRSEA), Use of third-party technology for tax administration purposes. the booking. Test requirements: For transit passengers, the rules/conditions governing Section 14 of the Act was amended to empower the Service to appoint any person to withhold or collect VAT, and such person is obligated to remit the VAT withheld or collected to the FIRS within 21 days of the following month. 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: Is this a video of APC thugs shooting armless voters as alleged by LP, PDP? Interface (API). CGT will apply proportionately on the portion of sales proceeds not reinvested. Passengers aged 5 years and above are required to hold a Travellers Authorisation obtained negative COVID-19 PCR test not more than 72 hours before departure. arrival in Amsterdam. Children between the ages of 5-12 years are required to pay for testing. If the request is made before 7pm on the same date the ticket was issued and our customer The most important key figures provide you with a compact summary of the topic of "Payment methods in Nigeria" and take you straight to the corresponding statistics. European Medicines Agency (EMA) or from WHO Emergency 14 days before your arrival in the Netherlands FACT CHECK: How true is Adamu Garbas claim that Peter Obi failed to visit Muslim leaders in North? present a mandatory negative PCR test certificate, In case the ID now COVID-19 test is positive and the passenger is not Egyptian, the Furthermore, small and medium sized companies can no longer carry forward and subsequently utilize unabsorbed capital allowances, except where such companies have the pioneer status relief as provided under the Industrial Development (Income Tax Relief) Act. if All travellers arriving in Senegal must present a negative COVID-19 PCR test not older than 72 The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Popularity of financial products or services in Nigeria 2022, Number of bank customers in Nigeria 2016-2021, Payments at points of sale by type in Nigeria 2022, Bank account penetration forecast in Nigeria 2013-2028, Forecast of the bank account penetration in Nigeria from 2013 to 2028, Share of population reporting to use the following financial products or services in Nigeria as of 2022, Online payments by type in Nigeria in 2022, Payments at points of sale by type in Nigeria in 2022, Most popular in-store payment methods in Nigeria 2017-2021, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria in 2017, 2019, 2020 and 2021, Share of purchase using digital and mobile wallet in Nigeria 2020-2021. by modality, Share of purchase using digital and mobile wallet in Nigeria from 2020 to 2021. by modality, Annual value of checks in Nigeria 2018-2020, Annual value of checks issued in Nigeria from 2018 to August 2020 (in million Naira), Value of POS transactions in Nigeria 2017-2022, Value of POS transactions in Nigeria from 2017 to 2022 (in billion Nigerian Naira), Monthly value of money transfers per mobile app in Nigeria 2021, Value of money transfers per mobile app in Nigeria from January 2020 to December 2021 (in billion Nigerian naira), Monthly value of NEFT payments in Nigeria 2021, Value of National Electronic Funds Transfer (NEFT) payments in Nigeria from January 2020 to December 2021 (in billion Nigerian naira), Monthly value of RTGS transfer payments in Nigeria 2020, Value of real-time gross settlement (RTGS) transfers in Nigeria from January to December 2020 (in billion Naira), Monthly value of USSD transfer payments in Nigeria 2020, Value of unstructured supplementary service data (USSD) transfers in Nigeria from January to December 2020 (in billion Naira), Distribution of payment methods in e-commerce in Nigeria 2021, Distribution of payment methods in e-commerce in Nigeria as of 2021, Online banking penetration forecast in Nigeria 2013-2028, Forecast of the online banking penetration in Nigeria from 2013 to 2028, Volume of e-payment transactions in Nigeria 2020, by channel, Volume of e-payment transactions in Nigeria between January and August 2020, by channel (in 1,000s), Monthly value of e-payment transactions in Nigeria 2020, Value of e-payment transactions in Nigeria in selected quarters between the first and fourth quarter of 2020 (in billion Naira), Distribution of online payment methods in Nigeria 2022, Distribution of online payment methods in Nigeria as of January 2022, Share of payments with e-wallet in Nigeria 2020, by leading service, Share of payments with e-wallet in Nigeria in 2020, by leading service, Monthly value of online transfer payments in Nigeria 2020, Value of online transfer payments in Nigeria from January to December 2020 (in billion Naira), Credit card penetration in Africa 2020, by country, Ranking of the credit card penetration in Africa by country 2020, Credit card penetration forecast in Nigeria 2013-2028, Forecast of the credit card penetration in Nigeria from 2013 to 2028, Debit card penetration forecast in Nigeria 2013-2028, Forecast of the debit card penetration in Nigeria from 2013 to 2028, Visa, Mastercard market share in Nigeria 2022, Distribution of card scheme in Nigeria as of 2022, Verve, Visa, MasterCard market share in Nigeria 2019-2020, Biggest payment card brands - Visa, MasterCard, or a domestic alternative - in Nigeria in 2019 and 2020, Monthly value of MMOs transfer payments in Nigeria 2020, Value of mobile money operators (MMOs) transfers in Nigeria from January to December 2020 (in billion Naira), Population with mobile money accounts in Nigeria 2019-2022, Share of population reporting to use mobile money accounts in Nigeria from 2019 to 2022, Number of mobile money customers in Nigeria 2016-2019, Number of mobile money customers in Nigeria from 2016 to 2019 (in millions), Number of mobile money agents in Nigeria 2016-2019, Number of mobile money agents enrolled in Nigeria from 2016 to 2019, Number of licensed MMOs in Nigeria 2016-2019, Number of licensed mobile money operators (MMOs) in Nigeria from 2016 to 2019. Also, it now empowers the FIRS to collect the levy and credit to the account of the Agency. waived the requirement for transit at Schiphol Airport for Nigerian nationals (only) within 72 hours from the time of collecting the sample and from an approved Legal | Add an extra layer of security to your account with a one-time password, Mobile number and email address should not be empty, Your OTP preferences have been updated successfully, A verification link will be sent to your newly amended email address. However, this will be subject to the National Assemblys approval. one-time password has been re-sent. Mariam, 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). This amendment is to ensure alignment with the industry specific legislation as applicable in the oil and gas sector. service agent is able to action the request, the ticket may be cancelled and a new booking done before departure. on the preferred airline with the same funds less any additional charges utilized if it is Botswana, Ethiopia, Eswatini, Ghana, Guinea, Lesotho, Kenya, Liberia, Mozambique, Namibia, Nigeria, The Nigeria Finance Act 2021 was passed by the National Assembly and signed into law by President Muhammadu Buhari on 31 December 2021. Nigeria's President Muhammadu Buhari, on 31 December 2021, signed the Finance Bill 2021 (the Finance Act or the Act) into law with an effective date of 1 January 2022. . will be made via the online platform, Online How to apply for an airport transit visa (ATV): Please contact Qatar Airways office with your payment details for quicker ticket issuance. Section 20 (a-b) of the NASENI Act was substituted with a new subsection 2 (a) and (b) which highlights the sources of funding of the agency as: 0.25% of profit before tax of companies and firms in the banking, mobile telecommunication, ICT, aviation, maritime, oil & gas sectors with annual turnover of NGN100 million and above. Contact our expert travel agents for guidance and booking assistance. The Nigeria Finance Act 2021 which comes into effect from 1 January 2022 compliments the 2022 Federal Governments Budget of Economic Growth and Sustainability. December 9, 2015. Elimination of CGT exemption on the sale of shares. Overseas Filipino Workers (OFW) are exempt from the International Passenger Service Charge (LI Tax) upon presentation of an official LI tax exemption document. It further states that the amendment also provides that the FIRS may issue further guidelines to give effect to the provisions of section 10 of the VAT Act. 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. Whilst every effort is made to ensure that systems are updated to 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. Preparing for a trip? 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, information on the USs requirements, please read more here. 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. 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. Starting 15 December, Delta will become the first US airline to ask 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 On the other hand . A one-way flight from Lagos to London is about N177, 000 ($492). Section 94 of the PITA was amended to increase the fine for failure to comply with provisions of the PITA where no penalty was specifically provided, from NGN5,000 in the first instance and NGN100 per day of continuous default to NGN20,000 and NGN2,000, respectively. disruptions, operating 3 weekly flights to Mumbai and 4 weekly flights to Delhi. required to: Have a negative COVID-19 PCR test based on: Passengers may be required to take a second COVID-19 test in the transit airport or at This would however not apply where the company has a pioneer status under the. 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. email and we will assist you to book a COVID-19 test. their health service, which uses QR code system, Passengers will undergo a PCR test upon arrival at Dubai airports, Provide a negative COVID-19 test 48 hours before departure from an. Customs and Excise Tariff, etc. Reduction in the time period to pay TET. Furthermore, Admissible Assets was defined as share capital, share premium, retained earnings, contingency reserves, and any other admissible assets subject to the approval of the Commission. dose of the Johnson & Johnson vaccine, Non-vaccinated passengers travelling from the above-mentioned countries, whether direct or According to him, PICA is being careful not to make the mistake of paying some of the beneficiaries more than once. Exports declined by 11.9% year-on-year to a nine-month low of NGN 1,795 billion, mainly dragged down by lower shipments of crude oil (-6.9%), manufactured products (-79.1%), energy products (-86.4%) and solid minerals (-37.1%). We want to send the names to the Office of the Account General in batches of 1,000. flying to the USA. with them when they arrive in the Netherlands. So there was a big problem, but there is no problem in this world that is new, somebody must have faced it before you.. applicable. We got punished Iheanacho rues Leicesters FA Cup ouster, French Football president, Noel le Graet, resigns, Messi wins Best FIFA mens player of the year award, DTigers fail to qualify for FIBA World Cup, Bluesky hits App Store as invite-only app. Passengers can now fly to Dubai on Kenya Airways. Required fields are marked *. 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