Trademarks are unique marks, or a combination of marks used to distinguish the goods or services offered by a business. Trademarks of successful businesses are often subject to infringement by competitors attempting to exploit their good will. It is therefore important for businesses to take necessary steps to protect their trademark and enforce them when […]
read moreINTRODUCTION Blacks’ Law dictionary defines a free-trade zone as ‘a duty-free area within a country to promote commerce, especially transshipment and processing, without entering into the Country’s market’. Blacks’ Law dictionary also defines duty in relation to a free-trade zone as – A tax imposed on a commodity or transaction, particularly on imports. The duty […]
read moreINTRODUCTION. 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 moreINTRODUCTION. 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 moreINTRODUCTION 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 moreChemical 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 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 moreINTRODUCTION 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 […]
read moreThe FIRS issued Information Circular No: 2021/09 on the 3rd of June, 2021 pursuant to section 2(4) of the Capital Gains Tax Act, (“CGTA”). The Federal Inland Revenue Service (“FIRS”) in its circular directed all persons, who dispose of chargeable assets to: File Capital Gains Tax (“CGT”) Returns for 2020 and subsequent years of assessment; […]
read moreINTRODUCTION The Nigerian food industry is constantly expanding and food business is currently the “go-to” business in Nigeria. According to the National Bureau of Statistics in its May 2020 report, Nigerians spent about 22.8 Trillion Naira on food in 2019, out of which a total of 4 Trillion Naira was spent on food consumed outside […]
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