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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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. 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 We discuss security payment for prosecution of a tax appeal in Nigeria in the narrow sense of the tax payer’s access to the Nigerian courts and not to a political order. The tax payer contributes significantly to the social and economic developments of society. Tax administration must therefore guarantee the tax payer’s freedom which […]
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 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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