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NTAB New Tax Bill, Summary Details

The details of the new Nigeria Tax Administration Bill (NTAB):

Payment of taxes:

– Remittance date for all transaction taxes:

To promote the ease of tax administration and lessen tax compliance burdens.

– Taxpayers may pay tax or royalty assessed in other currencies including petroleum operations) in Naira:
To lessen pressures on FX demands.
To promote the ease of doing business.

Scope:

– Consolidated administrative provisions for all taxes.

– Harmonised all tax administration issues (registration, filing, payment, dispute resolution, etc.) for all relevant revenue authorities.

Structure:

– The bill is structured in parts and chapters.

– Provides the roles and objectives of all tax authorities in Nigeria and their relevant jurisdictions.

– Assessment and compliance procedures; and sanctions for non-compliance etc:

To consolidate the processes for returns filing, assessment,payment, penalties, and enforcement of all tax types.

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