In February 2017, the Nigerian Federal Executive Council (FEC) approved the National Tax Policy. In furtherance of this, the Acting President of Nigeria, Professor Yemi Osibanjo issued an executive order on the 30th of June 2017 by virtue of the constitutional powers vested in him ordering the Federal Ministry of Finance to set up the Voluntary Assets and Income Declaration Scheme (VAIDS).
Annual inflation in Nigeria slowed for the 17th month in a row in July, 2018 to 11% percent, compared with 15.37 percent in December, 2017 said the Nigerian Central Bank Governor, Mr.Godwin Emefiele today Tuesday, 24th July, 2018.
In a bid to enhance corporate governance and check corrupt practices in accounting ethics and practices, the International Federation of Accountants (IFAC) has adopted a new accounting standard for professional accountants and auditors. Professional accountants now have to act in the public interest by complying with the Codes and its principles, which include integrity and confidentiality.
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FEC approves two Executive Orders on VAT and Excise Duties alongside five Amendment Bills to reduce Tax
The Federal Executive Council (FEC) has approved two Executive Orders and five Amendment Bills touching on key provisions in the Nigerian tax and regulatory legislation.