Introduction This article highlights the latest developments in the Nigerian taxation space, including updates on tax laws, policies, regulations, and initiatives which will have or have had a significant impact on taxpayers and businesses in Nigeria. They include the following: Introduction of Carbon Tax Policy In line with Nigeria’s climate change and Green Growth commitment […]
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In Nigeria, the Ministry of the Interior is responsible for the administration and technical enforcement of the Nigerian Immigration Act 2015 and the Immigration Regulations 2017 as they relate to the establishment of business in Nigeria by wholly foreign-owned or joint venture companies and the employment of expatriates. These responsibilities include granting business permits, approving […]
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Pursuant to the powers of the FIRS to make regulations that are necessary to give full effect to the provisions of the FIRS (Establishment) Act, the FIRS issued the Non-Interest Finance (Taxation) Regulations 2022 with effect from April 2022 to amongst other things regulate the taxation of institutions offering non-interest financial services in Nigeria, in […]
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Introduction Without doubt, the continued increase in the establishment of technology (tech) organizations and startups in Nigeria has been significant. Therefore, the need for a corresponding legislation to regulate and provide a useful framework for Nigeria’s rapidly increasing Startup ecosystem become imperative. Hence, in October 2022, the Nigerian Startup Act (the “Act”) was assented to […]
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Background In 2017, the Federal Inland Revenue Service (FIRS) conducted a Tax audit on the business of Dangote Industries Limited (the “Company”) for the period between 2013 – 2015. Pursuant to the Audit, it adjusted and recomputed the Company’s tax liabilities on the basis, amongst others, of the inclusion of costs and expenses which are […]
read moreIntroduction – Everyone is an owner In light of the serious migration crisis in Nigeria, organizations are devising new ways to attract, hire and retain talent. Hence, apart from monthly salary remuneration and other benefits, organizations are offering Employee Share Based Compensations (ESBC) to their staff in order to, amongst other things, give them a […]
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 moreSYNOPSIS 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 moreINTRODUCTION 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 […]
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