To promote transparency and curb fraudulent activities, the Corporate Affairs Commission (CAC) of Nigeria has mandated all Point of Sale (PoS) agents to register their businesses on or before the 7th of July 2024…

In a significant move to improve national cybersecurity, the Central Bank of Nigeria (CBN) has announced the implementation of a new cybersecurity levy, as detailed in the recent circular following the enactment of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, an amendment of the Cybercrime (Prohibition, Prevention, etc.) Act of 2015…

Wealth management experts connected from different locations at the 2024 Conversations on Wealth Management Webinar to discuss the trends and dynamics shaping the lives and legacies of Affluent and High-Net-worth individuals (HNIs).

The Prime Ministers of Antigua & Barbuda, the Commonwealth of Dominica, Grenada, and Saint Kitts & Nevis have signed a memorandum of understanding (MoU) to enhance the integrity and value of their citizenship by investment (CBI) programs.

According to the World Happiness Report, these are some of the happiest countries in the world.

Netherlands (Rank 6)
Luxembourg (Rank 8)
Switzerland (Rank 9)
Australia (Rank 10)
New Zealand (Rank 11)

The Nigerian Federal Ministry of Interior recently released a handbook introducing a compulsory annual levy on foreigners who are employed to work in Nigeria. The levy was introduced as a fiscal measure to address socio-economc considerations within the country. The Expatriate Employment Levy (EEL) seeks to balance the benefits of expatriate employment with the benefits of Nigerian local labour market and resources.

According to a report by Investment International, The Bahamas, along with Belize, Seychelles, and Turks and Caicos Islands, have been removed from the European Union’s list of non-cooperative jurisdictions for tax purposes. This decision recognizes that these jurisdictions have implemented measures to address concerns around information exchange, harmful tax practices, artificial tax structures, and financial crime prevention.

The removal signals The Bahamas’ commitment at the highest political levels to comply with international tax standards. This is critical for The Bahamas’ reputation as a well-regulated financial center.

Industry associations in The Bahamas commended the government’s efforts and noted the positive impact this will have on investor confidence.

The EU list now consists of 12 non-cooperative jurisdictions. The EU Council urged these jurisdictions to improve their legal frameworks to resolve the identified issues.

The Bahamas and Turks and Caicos Islands specifically addressed prior deficiencies in enforcing economic substance requirements, leading to their removal.

Belize and Seychelles were removed pending supplementary reviews by the OECD Global Forum regarding information exchange.

The EU also recognized progress made by several other jurisdictions in meeting tax governance commitments.

The United Kingdom has officially signed the 2019 Hague Convention on recognizing and enforcing foreign rulings in civil and business lawsuits. This agreement with the 28 European Union countries and Ukraine constructs an international system for validating and carrying out verdicts in cross-border civil disagreements. A 2023 survey showed nearly full backing among participants in all parts of the UK, particularly from STEP, which has a strong interest in judgments involving mental ability.

The Nigerian “Persons with Significant Control Regulations 2022”, defined a Person with significant control (also referred to as a beneficial owner) as a natural person that owns or controls a legal entity. The significant control exercised by the person can either be direct or indirect. A person with significant control could also be a person who holds at least 5% of the issues shares or exercises at least 5% of the voting rights whether directly or indirectly. Section 868 of the Companies and Allied Matters Act 2020 also has a similar definition.

The PSC Regulations was enacted to make further provisions in addition to CAMA to regulate PSCs. Also, Nigeria unveiled its Open Central Register of Beneficial Ownership, also known as the Persons with Significant Control (PSC) Register, on Thursday, May 25, 2023. This aligns with the country’s commitment made during the Anti-Corruption Summit in London on May 12, 2016.

The Corporate Affairs Commission, Nigeria, on November 3, 2023 published a public notice to remind the general public, and specifically, companies operating in Nigeria, along with their directors and officers, that compliance with the Companies and Allied Matters Act 2020 (CAMA) necessitates the annual filing of returns with the Commission. This followed the substantial non-compliance observed by the Commission despite its Companies Regulations 2021 which prescribed more stringent penalties than currently imposed.