INTRODUCTION The registration of products under global listing with the National Agency for Food Drug Administrative Control (NAFDAC) applies only to food and cosmetics items produced in large quantities. The NAFDAC Global Listing license or permit is relevant where an importer or supermarket owner intends to import branded items into Nigeria in large quantities. The applicant […]
read moreINTRODUCTION The Federal Inland Revenue Service (“FIRS”) recently issued information circular no: 2021/01 (“the Circular”) for the purpose of clarifying the tax treatment of Non-Governmental Organisations (NGOs) and the application of the provisions of the Companies Income Tax Act (CITA) Cap. C21 LFN 2004 (as amended), Personal Income Tax Act (PITA) Cap.P8 LFN 2004 (as […]
read moreINTRODUCTION 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 […]
read moreINTRODUCTION 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 […]
read moreINTRODUCTION Data Protection compliance is the universally accepted practice of ensuring that sensitive data gathered by organizations and businesses is organized and managed in such a way as to enable organizations to meet enterprise business rules along with lawful and constitutional regulations. Data protection compliance entails establishing policies that outline how data protection is achieved in your organization […]
read moreChemical importation is a highly regulated business activity in Nigeria. This is largely due to the sensitive nature and the possible abuse of some of these chemical items, especially in the wake of the incessant acts of terrorism which has now become a global phenomenon. Thus, it is incumbent on every business owner intending to […]
read moreThe National Agency for Food and Drugs Administration and Control (NAFDAC) (more particularly the Registration and Regulatory Directorate) is the agency in charge of issuing approvals for medical devices, amongst other classes of regulated products, in Nigeria. According to the NAFDAC Act, LFN 2004, a medical device is any instrument, apparatus or contrivance (including […]
read moreLimited partnerships are a form of partnerships that are now regulated under the Companies and Allied Matters Act 2020 (CAMA). Partnerships were generally hitherto only regulated federation wide by the Partnership Act 1890 (PA) – a statute of general application not having provisions for Limited Partnerships. Lagos state enacted a law for Partnerships including regulations […]
read moreThe Legal 500’s Country Comparative Guides are produced in association with the World’s leading lawyers and gives the in-house community a practical overview of the laws and regulations in key jurisdictions, for specific practice areas. Each country chapter is written by a renowned firm in an easy to use Q&A format. The Hot Topic articles […]
read moreEXECUTIVE SUMMARY The concept of digital services taxation is fast becoming a global trend and has been a subject of discussion by the OECD through its Base Erosion and Profit Shifting (BEPS) Project, with several ongoing proposal talks with member countries. Nigeria like some countries has taken steps ahead of the OECD in taxing its […]
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