News & Insights
News & Insights
TAXATION OF EDUCATIONAL INSTITUTIONS UNDER THE FINANCE ACT, 2021.
INTRODUCTION. Schools under various tax laws, were exempted from tax liability under section 23(1)(c) of the Companies and Allied Matters Act (CITA). The act included among others, educational services of a public character, as activities exempted from Companies Income Tax (CIT). The rational posed was that schools are incorporated as a company limited by guarantee […]
read moreHIGHLIGHTS ON THE LAGOS STATE VALUE ADDED TAX LAW 2021.
INTRODUCTION. On the 21st September, 2021, the Lagos State House of Assembly passed a VAT law following the Court of Appeal judgement in the case of Federal Inland Revenue Service V. Attorney General of Rivers State & Attorney General of the Federation (CA/PA/282/2021). The case was bothered on the State Government’s constitutional power to administer, […]
read moreSynopsis of Finance Act 2021
SYNOPSIS OF FINANCE ACT 2021: KEY CHANGES INTRODUCED AND IMPACT ON COMPANY BUSINESS. INTRODUCTION: The 2021 Finance Act has been sign into Law by the President of Federal Republic of Nigeria, the Act takes effect from January 2022. It is customary for the continuous amendment of our laws to accommodate the dynamic natures of […]
read moreEXAMINING SECURITY PAYMENT FOR PROSECUTION OF A TAX APPEAL
INTRODUCTION We discuss security payment for prosecution of a tax appeal in Nigeria in the narrow sense of the tax payer’s access to the Nigerian courts and not to a political order. The tax payer contributes significantly to the social and economic developments of society. Tax administration must therefore guarantee the tax payer’s freedom which […]
read moreTIDBITS ON OBTAINING AN END-USER CERTIFICATE IN NIGERIA
INTRODUCTION EUC is an acronym for End-User Certificate. The EUC is a certificate exclusively issued by the Office of the National Security Adviser, (NSA) and it is used in international transfers, including sales of chemicals, weapons, and ammunition to certify that the buyer is the final recipient of the materials, and is not planning on […]
read moreOBTAINING NAFDAC APPROVAL FOR CHEMICAL MANUFACTURING IN NIGERIA
Chemical manufacturing is a regulated activity in Nigeria which comes under the purview of the National Agency for Food and Drug Administration and Control (NAFDAC). NAFDAC, through the Chemical Evaluation & Research Directorate, monitors activities relating to the importation, exportation, sales, distribution, as well as manufacturing of chemicals. Therefore, a NAFDAC approval must first be […]
read moreTHE TAX APPEAL TRIBUNAL (PROCEDURE) RULES 2021
The Honorable Minister for Finance, Budget and National Planning (“the Minister”) recently issued new Tax Appeal Tribunal (Procedure) Rules 2021 (“the Rules”). The Rules were issued pursuant to the powers in Paragraph 21 of the Fifth Schedule to the Federal Inland Revenue Service (Establishment) Act, 2007. The Rules replace the 2010 Rules and are intended […]
read moreTHE FEDERAL HIGH COURT (FIRS) PRACTICE DIRECTIONS 2021: A CRITICAL REVIEW
INTRODUCTION The Chief Judge of the Federal High Court only recently issued the Federal High Court (FIRS) Practice Directions 2021 (Practice Directions) pursuant to the Honourable Chief Judge’s powers conferred by Order 57 Rule 3 of the Federal High Court (Civil Procedure) Rules 2019. The object of the issue of the Practice Directions is to […]
read moreSIGNIFICANCE OF THE PETROLEUM INDUSTRY ACT
INTRODUCTION Over the last 20 years, there have been various attempts at reforming the petroleum industry in Nigeria. However, none of these attempts has yielded any tangible result until the National Assembly introduced the Petroleum Industry Bill (PIB) 2020. It is worthy of note to state that the oil and gas industry has a significant […]
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