Since the return to democracy in 1999, each successive government in Nigeria has signed a number of executive orders. More often than not, the news of the signing of a new executive order is usually greeted with either public outcry at worst or with mass apathy at best. However, the jubilant reaction of Nigerians at home and in the diaspora to the news of the signing of the Executive Order No.
The Transfer Pricing Division of the Federal Inland Revenue Service (FIRS) in a Communiqué indicated that all foreign companies that derive income from Nigeria are now required to include audited financial statements, tax computations and other relevant information in their tax returns commencing from January 1, 2015 in line with Section 55 of the Companies Income Tax Act (CITA).
The Nigerian Stock Exchange (NSE), in a bid towards safeguarding against influence on Issuers by interested persons, issued the Rules Governing Transactions with Related Parties or Interested Persons (the “Rules”).