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News & Insights

EXAMINING SECURITY PAYMENT FOR PROSECUTION OF A TAX APPEAL

INTRODUCTION 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 […]

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OBTAINING NAFDAC APPROVAL FOR CHEMICAL MANUFACTURING IN NIGERIA

Chemical manufacturing is a regulated activity in Nigeria which comes under the purview of the National Agency for Food and Drug Administration and Control (NAFDAC). NAFDAC, through the Chemical Evaluation & Research Directorate, monitors activities relating to the importation, exportation, sales, distribution, as well as manufacturing of chemicals. Therefore, a NAFDAC approval must first be […]

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THE TAX APPEAL TRIBUNAL (PROCEDURE) RULES 2021

The 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 […]

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THE FEDERAL HIGH COURT (FIRS) PRACTICE DIRECTIONS 2021: A CRITICAL REVIEW

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 […]

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SIGNIFICANCE OF THE PETROLEUM INDUSTRY ACT

INTRODUCTION 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 […]

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VALIDITY OF THE VAT ACT IN VIEW OF RECENT JUDICIAL PRONOUNCEMENTS

INTRODUCTION 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 […]

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CLARIFICATIONS ON THE PROVISIONS OF THE CAPITAL GAINS TAX ACT

The 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; […]

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REGULATORY AND COMPLIANCE REQUIREMENTS FOR FOOD BUSINESS OWNERS IN NIGERIA

INTRODUCTION 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 […]

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