ARTICLE
28 April 2021

Companies Operating In Nigeria May Be Liable To Turnover Tax Under The NASENI Act

PN
PwC Nigeria
Contributor
PwC Nigeria logo
PwC Nigeria is one of the leading professional services ?rms in Nigeria with of?ces in Lagos, Abuja and Port Harcourt, with over 1,000 staff and 31 resident partners. We are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets. We are guided by one promise – to do what is right, be it with our people, clients, community, or environment.
ASENI was established in 1992 by the Federal Government of Nigeria. The Agency's mandate is to create an enabling, knowledge-driven environment for local mass-production of standard parts, ...
Nigeria Corporate/Commercial Law
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ASENI was established in 1992 by the Federal Government of Nigeria. The Agency's mandate is to create an enabling, knowledge-driven environment for local mass-production of standard parts, goods and services required for the nation's science and technology advancement.

The enabling legislation for the Agency is the NASENI Act ("the Act").

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One of the ways in which the Agency is to be funded is through a levy of 0.25% of turnover of commercial companies with turnover of at least N100m. The President has directed the FIRS to collect the levy from eligible companies. 

See our alert for further information:

Download PwC Tax Alert_Presidency directs the FIRS to implement tax collections for NASENI_April 2021

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ARTICLE
28 April 2021

Companies Operating In Nigeria May Be Liable To Turnover Tax Under The NASENI Act

Nigeria Corporate/Commercial Law
Contributor
PwC Nigeria logo
PwC Nigeria is one of the leading professional services ?rms in Nigeria with of?ces in Lagos, Abuja and Port Harcourt, with over 1,000 staff and 31 resident partners. We are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets. We are guided by one promise – to do what is right, be it with our people, clients, community, or environment.
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