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Author: Blackwood & Stone LP

Highlights of the Non-Interest Finance (Taxation) Regulation 2022

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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The Nigerian Startup Act 2022: Notable Provisions and Challenges

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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TRADEMARK INFRINGEMENT IN NIGERIA: LEGAL REMEDIES

Trademarks are unique marks, or a combination of marks used to distinguish the goods or services offered by a business. Trademarks of successful businesses are often subject to infringement by competitors attempting to exploit their good will. It is therefore important for businesses to take necessary steps to protect their trademark and enforce them when […]

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A Review of the TAT Ruling in Dangote Industries Limited V. Federal Inland Revenue Services (2022): Lessons for Tax Payers

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 […]

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Taxation of Employee Share Based Compensation Schemes in Nigeria

Introduction – 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 […]

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FOREIGN PARTICIPATION IN BUSINESSES IN NIGERIA

FOREIGN PARTICIPATION IN BUSINESSES IN NIGERIA Introduction Despite the outbreak of COVID-19, Nigeria continues to attract an increasing number of foreign investments. In 2020, the United Nations reported that Nigeria’s inflow of Foreign Direct Investments (FDI) increased by 4.3%. As the market expands, the government continually issues policies aimed at creating a conducive business environment. […]

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DOING BUSINESS IN THE FREE TRADE ZONES IN LAGOS STATE

INTRODUCTION  Blacks’ Law dictionary defines a free-trade zone as ‘a duty-free area within a country to promote commerce, especially transshipment and processing, without entering into the Country’s market’. Blacks’ Law dictionary also defines duty in relation to a free-trade zone as – A tax imposed on a commodity or transaction, particularly on imports. The duty […]

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AN ANALYSIS OF THE CONSENT JUDGMENT DELIVERED BY THE FEDERAL HIGH COURT, ABEOKUTA, BARRING THE BIG 4 (FOUR) (PWC, KPMG, DELOITTE, & EY) FROM PROVIDING LEGAL SERVICES IN NIGERIA.

INTRODUCTION Hon. Justices M. Shittu Abubakar and O.O Oguntoyinbo of the Federal High Court sitting in the Abeokuta Judicial Division, delivered Consent Judgments in the matter between Mr. Olumide Babalola (a legal practitioner in the state), and the top four accounting and advisory/consultancy firms in Lagos; Price Waterhouse Coopers Limited; Ernst & Young Advisory Service […]

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TAXATION OF EDUCATIONAL INSTITUTIONS UNDER THE FINANCE ACT, 2021.

INTRODUCTION. 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 […]

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