Taxation of foreign shipping companies in Nigeria

Nigeria | Current development on taxation of nonresident companies ...

Clearly, outbound freight income is taxable in Nigeria. As such, the intent notices being issued by the FIRS are in line with the law to the extent that the ...

Taxation of foreign shipping companies in Nigeria: Matters arising ...

This newsletter x-rays the taxation regime for ISCs in light of the applicable legislations and examines the considerations that arise in the enforcement of ...

Nigeria | Current development on taxation of nonresident companies ...

The notices communicate to the ISCs income tax liabilities at the rate of 6% of their perceived freight income in Nigeria, plus penalties and ...

INCOME TAXATION OF INTERNATIONAL SHIPPING COMPANIES

Under Nigerian law, international shipping companies are liable to income tax on their outbound revenue. While the FIRS can assess companies to ...

Taxation of International Shipping and Air Transport Companies in ...

Through this notice, the FIRS requested that all international shipping companies operating in Nigerian territorial waters in whatever capacity (containerized, ...

Recent Updates in the Taxation of Non-Resident Shipping Companies

In Nigeria, the CIT obligations for non-resident shipping companies with activities in Nigeria, is specified in section 14 of the Companies ...

The Ghost Of Taxes Past – Demands For Back Taxes From Foreign ...

It is also not in doubt that by Section 14 of CITA (as amended by Section 8 of the Finance Act, 2020), non-Nigerian shipping companies must pay ...

Taxation of Shipping Companies - Olisa Agbakoba Legal

With respect to tax treaties that grant unconditional tax exemption, the companies engaged in shipping or air transport are exempt from Nigerian ...

FHC upholds Tribunal's ruling on the taxation of income ... - Nigeria

The Company objected to the assessment on the grounds that the income items constitute income from the operation of ships in international ...

TAXATION OF FOREIGN SHIPPING COMPANIES IN NIGERIA

The FIRS further notified operators of international shipping lines (owned, hired or chartered vessels) and their agents to ensure full tax compliance ...

Nigeria's FIRS issues assessments to international petroleum ... - PwC

FIRS suggests that the FIRS may continue to seek to tax them. General compliance obligations for international shipping. International shipping companies that ...

Taxation of Income derived from Nigeria by International Shipping ...

These Tax Assessments indicate a computation of 6% tax, 10% penalty, and 19% interest rate in respect of profits derived from Nigeria during the ...

VAT considerations in international sale and purchase of vessels in ...

A major tax consideration for shipowners and/or financiers in ship acquisition transactions is the liability to pay the Nigerian value added tax (VAT).

Taxation of International Shipping Companies in Nigeria - Tatham Law

The legislation. Section 14 of CITA creates a special tax regime for non-Nigerian Shipping Companies that engage in shipping in Nigeria. Under ...

Nigerian Tax Compliance Review Exercise - Topics/Issues

This the effective tax rate is 6% of the gross freight revenue earned . Succinctly, FIRS has conceded 80% of the freight income as cost while only 20% of the ...

TAXATION OF INTERNATIONAL SHIPPING COMPANIES IN NIGERIA

The Companies Income Tax Act (CITA)2 is the primary legislation setting ot the regulatory framework for the taxation of companies generally.

taxation of companies engaged in shipping, air transport and cable ...

Profits of foreign airlines or shipping companies derived from Nigeria are taxable in Nigeria. b. The profits so derived from Nigeria may ...

Taxation of Foreign Companies in Nigeria - LinkedIn

Section 14(1) of CITA provides that the profits of foreign shipping companies derived from Nigeria are taxable in Nigeria. Nevertheless ...

Tax Alert - FHC upholds Tribunal's ruling on the taxation of income ...

CMA CGM Delmas SA (the “Company” or “CMA-CGM”) is a. French shipping company that transports freight from foreign countries to Nigeria and vice versa. The ...

Nigeria Calls on International Shipping Companies to ... - Orbitax

Nigeria Calls on International Shipping Companies to Regularize Their Tax Position — Orbitax Tax News & Alerts. On 21 August 2023, Nigeria's Federal Inland ...