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 […]
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 Owing to changes in government policies and the current business climate in Nigeria, companies are required to be strategic in order to remain competitive, while also enhancing growth and profitability. Corporate restructuring or reorganisation is a critical tool required to achieve business efficiency and optimisation. Corporate restructuring refers to any transaction whereby all or […]
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 moreINTRODUCTION Nigeria is gradually convalescing from the tensions of the aftermath of civil onslaughts that took place in several parts of the country with Lagos, its commercial hub, being mostly hit by the activities of restive persons at the ebb of protests. These questions bring to mind, the concept of insurance, especially considering that many high […]
read moreINTRODUCTION Closing down your company is legally known as winding up. Winding-up is a process where a company formally dissolves its business and statutorily goes into extinction. The purpose of a winding-up process is for a company to cease doing business as usual, sell off its assets, pay off creditors (where applicable) and distribute the […]
read moreThe world is evolving, perhaps faster than we can imagine. Technology has placed human transaction on a fast pace and as such transactions are being carried out without parties involved meeting physically. Social interactive applications have become the new normal for business transactions as well as for the effective execution of contracts. In response to […]
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