Nigeria’s Tax and Regulatory Landscape: 2019 in Retrospect and Outlook for 2020
Nigeria’s Tax and Regulatory Landscape
The global tax landscape is constantly evolving, thus exerting pressure on tax authorities and businesses to implement acceptable measures to drive improved compliance and optimize tax costs.
The recently published World Bank’s Doing Business 2020 Report shows that Nigeria moved up 15 places from its 2019 ranking in the Ease of Doing Business Index. One of the 12 indicators considered in this Report is “paying taxes”, which measures payments, time, and total tax and contribution rate for a business to comply with all tax regulations as well as post-filing processes. To consolidate, Nigerian tax authorities must continue to implement policies and practices that would engender business growth in the country. Such policies should reflect global trends that can attract foreign direct investment, encourage businesses to pay their share of taxes, institute best tax practices and, ultimately, contribute to achieving the Federal Government’s tax-togross domestic product target ratio of 15% by 2023.
This publication provides a summary of significant events that occurred in the Nigerian tax and regulatory space in 2019 and highlights the outlook for 2020 which should be considered by all stakeholders in shaping a robust tax and regulatory landscape in Nigeria.
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