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News & Insights

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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HIGHLIGHTS ON THE LAGOS STATE VALUE ADDED TAX LAW 2021.

INTRODUCTION. 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, […]

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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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