M & J Compliance Services

Type approval processing in Nigeria. The Nigerian Communication Commission is the agency responsible for regulating all communication equipment imported or being imported to Nigeria. Through its technical standard department, the Commission is empowered to assess, examine and certify equipment before being imported to the country. All equipment manufacturers, vendors and operators, including customer devices such as mobile phones and wireless adapters, must therefore ensure that their equipment conform to the applicable standards as mandated by the Commission before bringing them into Nigeria.    To ensure maximum interoperability and affordability for consumers, the Type Approval standards set by the Nigerian Communications Commission are based on international standards from; The International Electrotechnical Commission (IEC) and its International Special Committee on Radio Interference (CISPR), The European Committee for Electrotechnical Standardization (CENELEC) and The E...

Anti-money laundering compliance. SCUML was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended) and most recently to Money Laundering Prevention and Prohibition Act, 2022. SCUML was created to implement specific sections of the Act in line with the FATF recommendations for the implementation of AML/CFT measures within the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Nigeria. SCUML is statutorily under the Federal Ministry of Industry, Trade and Investment but operationally domiciled within the Economic and Financial Crimes Commission (EFCC) as the Commission drives the operational activities of the Unit in line with Sections 6(C) and 7(2) of the EFCC Establishment Act, 2004. The agency is established to perform the following key functions to actualise its mandate: Registration an...

Tax system and compliance. Tax is a levy imposed by a government on individuals or corporate bodies. Tax system varies from one country to another. Understanding tax system of a country will help you to determine how to go about doing a business in that country. The Nigerian Finance Act of 2021 made or amended some of these tax provisions as follows : Value Added Tax (VAT) All goods and services supplied in Nigeria are liable to VAT in Nigeria except goods and services specifically listed in the First Schedule to the Act. To this end, all goods and services consumed or otherwise utilized in Nigeria are subject to VAT. This is in line with the “destination principle” of VAT. Based on this definition of goods and services Software services are VATable in Nigeria except where the turnover of the company turnover is less than N25,000,000. Under the new law the non resident companies (NRC) must add 7.5% to the local company’s invoice and report same to Federal Inland Revenue Service. Wi...