Month: April 2021

Posted on April 26, 2021 by Blackwood & Stone LP

EXAMINING THE FIRS CIRCULAR ON THE CHARGEABILITY OF VAT ON SERVICES PROVIDED BY FINANCIAL INSTITUTIONS

INTRODUCTION Value Added Tax (VAT) is regulated by fiscal legislation in the Value Added Tax Act CAP V1, LFN 2004 (as amended). VAT has however, not been defined by the Act. The Federal High Court in Nigeria per Hon. Justice Saliu Saidu in the case of SAIPEM CONTRACTING NIGERIA LTD & 2 ORS V. FEDERAL INLAND […]

Posted on April 12, 2021 by Blackwood & Stone LP

BASIC TAX COMPLIANCE REQUIREMENTS FOR NON-RESIDENT ENTITIES

INTRODUCTION Although residence is the basis for taxation in Nigeria and taxes are payable on the world wide income of all resident persons, this does not however preclude non-residents from being liable to pay taxes in Nigeria where such liability is deemed to have arisen. Tax liabilities in this regard would usually ensue from transactions […]