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 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 moreINTRODUCTION The Value Added Tax Act, LFN 2004 (VATA) is the enabling law imposing Value Added Tax (VAT) on the supply of taxable goods and services in Nigeria, and in furtherance of this, the Act has empowered the Federal Inland Revenue Board to be responsible for the administration and collection of this tax. It is […]
read moreINTRODUCTION The Black’s Law Dictionary 8th Edition defines dividends as ‘A portion of a company’s earnings or profits distributed pro rata to its shareholders, usually in the form of cash or additional shares’. Dividends therefore earn income in the hands of shareholders and are hence liable to Withholding tax. Section 80 (1) and (2) of […]
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 […]
read moreINTRODUCTION 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 For the purpose of ascertaining assessable profits of a company for tax purposes in Nigeria there is allowed deductions of donations made by such a company to certain entities. These entities have been defined under Section 25 (5) of the Companies Income Tax Act CAP C21, LFN 2004 (as amended) (CITA) as Public funds, […]
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 […]
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