--- title: Regulating Corporate Philanthropy Through the Corporate Social Responsibility Bill, 2023 description: The Corporate Social Responsibility (CSR) Bill, 2023, introduces mandatory CSR requirements for Nigerian companies that meet specific financial thresholds. If passed, companies will need to establish a CSR committee, notify the Corporate Affairs Commission (CAC), and allocate 2-5% of their average net profits over three years to CSR initiatives. Non-compliance could result in fines or imprisonment. image: https://insights.afriwise.com/hubfs/Pictures/Skylines/Nigeria/NIGERIA-iStock-670815014%20-%20Copy.jpg --- [![Afriwise](https://insights.afriwise.com/hubfs/Logos/Afriwise/Afriwise%20logo.svg)](https://afriwise.com/) - [Products](https://afriwise.com/law-products-africa/) - [Countries](https://afriwise.com/countries-covered/) - [About Afriwise](https://afriwise.com/about-afriwise/) - [Contact](https://afriwise.com/contact/) - [News](https://news.afriwise.com/) - [Insights](https://insights.afriwise.com/blog) [Schedule a demo](https://afriwise.com/contact/) [Log in](https://afriwise.com/login/) - [Products](https://afriwise.com/law-products-africa/) - [Countries](https://afriwise.com/countries-covered/) - [Solutions](https://afriwise.com/solutions/) - [About Afriwise](https://afriwise.com/about-afriwise/) - Insights - [Contact](https://afriwise.com/contact/) - [News](https://news.afriwise.com/) [Schedule a demo](https://afriwise.com/contact/) [Log in](https://afriwise.com/login/) # Regulating Corporate Philanthropy Through the Corporate Social Responsibility Bill, 2023 [Corporate Commercial](https://insights.afriwise.com/blog/tag/corporate-commercial) [Nigeria](https://insights.afriwise.com/blog/tag/nigeria) [Legislation](https://insights.afriwise.com/blog/tag/legislation) [CSR](https://insights.afriwise.com/blog/tag/csr) 18/09/2024 [Templars](https://insights.afriwise.com/blog/author/templars) The Corporate Social Responsibility (CSR) Bill, 2023, introduces mandatory CSR requirements for Nigerian companies that meet specific financial thresholds. If passed, companies will need to establish a CSR committee, notify the Corporate Affairs Commission (CAC), and allocate 2-5% of their average net profits over three years to CSR initiatives. Non-compliance could result in fines or imprisonment. ​​ The Bill may overlap with existing CSR obligations under the Petroleum Industry Act (PIA) 2021, raising concerns about double compliance. Lawmakers are encouraged to consider exemptions to prevent undue burdens on businesses. Companies should reassess their CSR strategies to prepare for these potential legal changes.   -- Read the full publication at [Templars](https://www.templars-law.com/knowledge-centre/regulating-corporate-philanthropy-through-the-corporate-social-responsibility-bill-2023/) ## Related posts [Kenya](https://insights.afriwise.com/blog/tag/kenya) [Tax](https://insights.afriwise.com/blog/tag/tax) [Legislation](https://insights.afriwise.com/blog/tag/legislation) ## [Same Script, Different Cast: An Analysis of the Proposed Tax Laws (Amendment) Bill, 2024 and Tax Procedures (Amendment) (no.2) Bill, 2024 in Kenya](https://insights.afriwise.com/blog/same-script-different-cast-an-analysis-of-the-proposed-tax-laws-amendment-bill-2024-and-tax-procedures-amendment-no2-bill-2024-in-kenya) In response to the current economic landscape and the need for sustainable public finance, National Treasury has proposed significant amendments aimed at enhancing tax compliance, broadening the tax base, and improving the overall fiscal framework in Kenya. 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