Nigeria:
Companies Operating In Nigeria May Be Liable To Turnover Tax Under The NASENI Act
28 April 2021
PwC Nigeria
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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").
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.
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