The Tax Appeal Tribunal (TAT) of the South-East Zone on June 21, 2019, in its decision in Nigerian Breweries Plc v Abia State Board of Internal Revenue (TAT/SEZ/002/17) held that gratuities are exempted from income tax under the Personal Income Tax Act (PITA), 2011.

The matter was instituted in 2017 by the Nigerian Breweries Plc (“the Appellant”), where the Appellant contested the decision of the Abia State Board of Internal Revenue (“the Respondent”) on taxing of gratuities paid to its retirees. The main ground of objection raised by the Appellant was that the Respondent erred in law when it assessed the Appellant’s employees to tax on gratuities paid to them by the Appellant.


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NHF Bill Declines by President Buhari

President Muhammadu Buhari has declined assent to the controversial National Housing Fund Bill which was passed by the National Assembly some weeks ago. The Bill attracted a lot of public criticism when it was transmitted to the President for his assent, with many stakeholders in the private sectors calling on the President not to grant assent to it.
The President in his letter to both Chambers of the National Assembly stated that “the various levies imposed by the Bill on Nigerians will not only be “disruptive and punitive” to industries and other sectors of the Nigerian economy but will have a negative impact on Nigerian workers”.


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The National Housing Fund (Establishment) Act, 2018

The news of the passage of the National Housing Fund (Establishment) Bill (“the proposed Act”), recently broke. The Bill is intended to largely replace the existing National Housing Fund Act Cap N45, Laws of the Federation of Nigeria 2004. The objective of the new law is to provide for additional sources of funding for effective financing of housing development in Nigeria. A quick review of the proposed law indicates that there are not many areas of differences with the existing laws, other than the attempt to jerk up the financial obligations of contributors.


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Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme

On Friday 25 January 2019, the President of the Federal Republic of Nigeria signed the Executive Order 007 2019 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (“The Scheme”).

The Scheme aims for a public-private partnership (PPP) by providing an opportunity to the private sector to commence the construction and refurbishment of eligible road infrastructure projects as a way of narrowing the road infrastructure gap in the country. As an incentive for these private companies, the Scheme assures a full and timely recovery of the project costs through a tax credit mechanism.


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2018 Nigerian Code of Corporate Governance

The Financial Reporting Council of Nigeria (“FRCN”) issued the Nigerian Code of Corporate Governance 2018 (“the Code”) on 15 January 2019. The Code is made pursuant to the powers of the FRCN under Sections 11c and 51c of the Financial Reporting Council of Nigeria Act 2011. The objective of the Code is to institutionalise corporate governance best practices in Nigerian companies. The Code is also to promote public awareness of essential corporate values and ethical practices that will enhance the integrity of the business environment.


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Pedabo admits some Senior Managers as Partners of the firm.

As part of Pedabo’s growth and succession plan, three senior managers were admitted as partners of the firm, raising the firm’s total number of partners from three to six.

This appointment was announced in a new year message sent by our managing partner, Ajibade Fashina to the entire staff on 1st January 2019. He wrote, “we are proud to announce that some of our managers are being admitted as partners of the firm; Kehinde Folorunsho, Bunmi Kuteyi, and Peter Asemah”.

The three new partners were former senior managers and longtime staff of the firm. This development is not only in line with the firm’s staff growth and development policies but also necessary in order to meet the leadership needs of the firm and to match the growth pace.

The newly admitted partners, Kehinde Folorunso and Bunmi Kuteyi were admitted as partners into the tax arm of the firm while Peter Asemah was admitted as a partner in audit services.

Kehinde Folorunsho (ACA, ACTI) – Partner, Pedabo

He is an Associate member of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria. He is a pioneer member of the firm. His work experience covers areas of taxation, accounting, administration and consulting.

He has been involved in many aspects of tax and accounting projects including statutory audit functions, investigation, financial due diligence, financial advisory services, corporation tax issues, acceptance certification processing, tax advisory services etc. His accounting proficiency covers all sectors of the economy, including Banks, Securities, Oil Service, Manufacturing, Power (Energy) and Information technology.


Olubunmi Kuteyi (ACA, ACTI) – Partner, Pedabo

A graduate of Accounting & Finance from Lagos State University. She is an Associate member of the Institute of Chartered Accountants of Nigeria (ICAN). She commenced her career with Look Consultants International, Lagos where she gained extensive experience with responsibilities for clients in Service Industries, Construction, Manufacturing Hospitality, and Financial Services sectors. Bunmi also had a stint with O. A. Adefeso & Co (Chartered Accountants) as Audit Senior before moving to Pedabo in February 2007.

Bunmi easily demonstrates her extensive experience in the provision of varied advisory services to a diverse clientele in the areas of financial advisory, corporation tax issues, acceptance certification processing, and general tax compliance advisory services, cutting across the various sectors of the economy.


Peter Asemah (FCCA, ACA) – Partner, Pedabo

A graduate of Agriculture from Ambrose Alli University, Edo State. He is Fellow member of the Association of Chartered & Certified Accountants (ACCA) and the Institute of Chartered Accountants of Nigeria (ICAN). He commenced his work career with Multiverse Resources Plc. where he worked as an Accounts Officer till 2009. He joined Pedabo in 2010 and has been involved in many aspects of audit and accounting including statutory and private audits, investigation, financial due diligence, financial advisory services, corporation tax issues, etc.

Peter’s audit and consulting experience cover key sectors of the economy, including Financial Services, Oil and Gas, Information Technology, Power, Real Estate, Manufacturing, and Professional Service Industry.

On behalf of the existing partners and the entire staff of Pedabo, we say congratulations to the newly admitted partners.

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LIRS Begins Implementation of Capital Gains Tax Deduction

Lagos State Internal Revenue Service (LIRS) on Thursday, 3rd January 2019 issued a public notice appointing employers and payers of capital sums as collecting agents of payees for the purpose of deducting and remitting Capital Gains Tax (CGT) due on the respective capital sums paid including but not limited to compensation for loss of employment.   This public notice purports to give full implementation to the earlier public notice issued in 2017 where LIRS clarified its position on the taxability of compensation for loss of employments. 


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Morison KSi Delegates Leave their Hearts in San Francisco

139 delegates and 32 companions met on 21-24 October for 3 days of networking, knowledge sharing and uncovering business opportunities.
The conference welcomed some high-profile professional speakers from the accountancy profession.

Read:- Morison KSi delegates leave their hearts in San Francisco

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Federal Republic of Nigeria issues New Executive Order on VOARS!

The President of the Federal Republic of Nigeria on Monday 8th October 2018, signed an Executive Order 008, titled “Voluntary Offshore Assets Regularisation Scheme (“VOARS” or “Scheme”).

According to the Order, the office of the Attorney General of the Federation and Minister of Justice has a mandate to set up a Scheme for all categories of taxpayers who have defaulted in the declaration of their offshore assets, payment of taxes due and collectible subject to the fulfilment of the terms and conditions stipulated by it.  The Scheme aims to provide an opportunity for taxpayers to regularize their offshore assets, pay taxes or levies due, commit to avoid tax evasion and ensure full tax compliance going forward.  The scheme commences from the date of the Order and shall be in operation for 12 months.


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Federal High Court Judgement on Gazprom V.FIRS

The Federal High Court has set aside the Tax Appeal Tribunal (TAT) ruling of 2012 exonerating Gazprom Oil & Gas Nigeria Limited (Gazprom) from paying VAT on services supplied to it by non-resident entities. Gazprom had appealed to the TAT against VAT assessments served on it by the Federal Inland Revenue Service (FIRS), resulting from payments by Gazprom to some non-resident consultants.

The Judgement

FIRS’s brief of argument was for the FHC to determine

“Whether in the light of the provisions of the Value Added Tax Act, the Honourable Tax Appeal Tribunal was right in holding that the Respondent ought not to have been held liable to pay VAT on the services it purchased/consumed from non-resident companies”

Gazprom on its part requested that the Court determines:

“Whether upon a proper construction of the VAT Act, the Tribunal rightly upheld the Respondent’s appeal to the effect that the Respondent is not liable to self-assess and remit VAT to the Appellant in respect of services received from outside Nigeria and provided by non-resident companies that were not carrying on business in Nigeria”


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Pedabo is organizing a training/workshop on the Emerging Financial Reporting Standards: IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers). The training course is scheduled to take place on 16th & 17th of October, 2018 at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos.

Click here to download the Emerging Financial Reporting Standards Flyers

For registration, fill the form below:


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The Federal Government of Nigeria through the Federal Inland Revenue Service (FIRS) has issued a revised income Tax (Transfer Pricing) Regulations, 2018 effective March 12, 2018, thereby revoking the old Regulations.

Objective Of The New Regulations

The Regulations were issued to ensure alignment with the developments in international tax practice as it relates to Transfer Pricing (TP) particularly the Base Erosion and Profit Shifting (BEPS) project embarked upon by the Organisation for Economic Cooperation and Development (OECD) on the request of the finance ministers of the G20 countries.

The OECD developed thirteen (13) Action Points to mitigate BEPS. Action Point 8 to 10 (Aligning transfer pricing outcomes with value creation) and Action Point 13 (Transfer Pricing Documentation and Country by Country Reporting) focused on intangibles, contractual allocation of risks between Multinational Entities (MNEs), level of returns to funding provided by a capital-rich MNE group members and the requirements for filing “Master and Local files” among other issues.

Read Full Article Here


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Financial Service Oil & Gas IT & Telecom Construction & Real Estate Trading & Automobile Manufacturing Energy & Power
Access Bank Plc Lonestar Drilling Nigeria Limited Airtel Nigeria Limited Blueline Urban Project Limited Elizade Nigeria Limited Emzor Pharmaceuticals Ltd. Servipower Company Ltd.
Capital Alliance Nigeria Limited Falcon Petroleum Limited Hewlett Packard Nigeria Limited Sermatech Nigeria Limited Montana Group Limited Sonnex Packaging Limited  
Afrinvest West Africa Limited Forte Oil Plc. IS Internet Solutions Limited Design Union Group Konga Online Shopping Limited. AJEast Limited  
Fidelity Bank Plc. Homble Energy Intercellular Nigeria Ltd. Primrose Property Investment Ltd Somotex Nigeria Limited    
Guaranty Trust Bank Plc Midwestern Oil & Gas Company Plc Visafone Communications Limited Primrose Development Company Ltd      
First City Monument Bank Plc. Azenith Energy Resources Limited          
Wapic Insurance Plc.            
Chapel Hill Advisory Partners Limited            
Cornerstone Insurance Plc            
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The Federal Inland Revenue Service (“FIRS”) in exercise of its powers as provided in Section 61 of the Federal Inland Revenue Service Establishment Act (“FIRSEA”) recently released Nigeria’s Income Tax (Country by Country Reporting) Regulations. The enactment of the regulation is also in line with there commendation of the Base Erosion and Profit Shifting (BEPS) project which recommended that signatory countries develop local rules regarding Country by Country Reporting (“CbCR”) to enhance transparency in tax administration. This regulation will also give effect to the Country-by-Country Multilateral Competent Authority Agreement signed on 27 January 2016. The regulation whose objective is to seek information about the global activities of multinational enterprises (MNEs) requires that MNEs with tax presence in Nigeria file certain information about their global operations with FIRS.

Read more here…….Country-by-Country Reporting

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PENCOM Welcome Self-Employed to National Pension Scheme

The National Pension Commission(“Pencom”) has issued an exposure draft of guidelines for the administration of pensions for self-employed persons and persons employed in the informal sector. This is in line with Section 2(3) of the PRA 2014. Pencom expects comments from the public and all stakeholders before amending and issuing the final Guidelines.
The draft Guidelines predominantly refers to a‘Micro Pension Scheme(“MPS”). It details the characteristics, modalities for operation, investments of the pension fund assets and the criteria for conversion between the Compulsory Pension Scheme(CPS) and MPS. We present below a summary of the salient issues addressed in the draft Guidelines for your easy reading.

Read full article here


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Graduate Trainee

Pedabo provides innovative solutions that go the distance, and this has earned us a reputation for unflagging success among our clients. If you’re ready for a career with a dynamic organization in an environment that cultivates professional growth and career development, then join us at Pedabo.

As part of our dynamic teams in the Audit and Tax Units, you will have access to a wealth of experience, continuous on- the-job guidance, and you will acquire key knowledge about industries, business strategy and practical business issues faced by our clients through your daily experiences that will help you build business awareness, technical, personal and management skills throughout your career.



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Experienced Hire

Join the Winning Team

Do you already have a solid resume, skills and experience? Are you looking to make the most of where your accomplishments can take you? Pedabo’s recruitment services provides opportunities both within the organization and several clients.


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