The President of the Federal Republic of Nigeria, Muhammadu Buhari, recently (on the 13th of January 2020) signed the Nigerian Tax and Fiscal Law (Amendment) Bill 2019 otherwise known as the Finance Bill into law. It was introduced to the legislature by the President for the purpose of making sweeping changes to the various tax […]
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On the 14th of August 2019, The Federal Inland Revenue Service (FIRS) issued a public notice reminding all companies to ensure they remit their Value Added Tax (VAT) and Withholding Tax (WHT) by the 21st day of every month. The notice which was signed by the FIRS Chairman noted that companies particularly in the […]
read moreManufacturing in Nigeria increased 3.40 percent in March of 2018 over the same month in the previous year[1]. This statistics highlights the growing concern and prospects in local manufacturing businesses in Nigeria. However, in terms of the legal regulatory regime, the regulatory requirements differ according to the industry even though there are some generally applicable […]
read moreIntroduction The world has fast become a global village; therefore it is common to find instances of existing business relationships between two entities in separate countries. Entities are now able to extend their business endeavours to other countries with the aid of technology, which has additionally helped to ensure a smooth sailing of business operations […]
read moreIntroduction Ownership of land is one of the most fundamental weapons of control and economic growth for nations, communities and individuals. The acquisition and ownership of land is an essential tool for economic development. As Babatunde Fashola, the Former Governor of Lagos State, noted in 2015 “In our basic economics, land is a very important […]
read moreINTRODUCTION Shareholders’ Agreements[1] are agreements that describe and set out the mode of operation of companies, the rights of respective shareholders and how they are to be exercised, the obligations, privileges and protection of minority shareholders amongst other relevant issues. In simple terms, a Shareholders’ Agreement is an agreement between shareholders. The utility of Shareholders Agreements […]
read moreOn Thursday the 12th of July 2018, the Federal Government of Nigeria, in accordance with Section 2(1) of the Fifth Schedule of the Federal Inland Revenue Service Establishment Act, announced the reconstitution of the Tax Appeal Tribunals (TAT) in the six geo-political zones in the Country including Lagos and the Federal Capital Territory, Abuja. The […]
read moreWHAT IS A LIVING TRUST? A Trust is relationship in which a person, known as the Settlor, vests the legal title to his or her properties or assets in another, called the Trustee, on the terms that the Trustee shall hold the legal title on behalf of other persons known as the Beneficiaries. The Trust […]
read moreOn the 14thof June 2018, the Financial Reporting Council of Nigeria (FRC) unveiled the draft of the Nigerian Code of Corporate Governance (NCCG) 2018. The NCCG, which comes about two years after the suspension of the earlier 2016 draft, is made pursuant to the powers of the FRC under Section 11(c) and Section 51(c) of […]
read moreValue Added Tax (VAT) is a form of tax imposed on the supply of all goods and services, save for a list of items provided by the Value Added Tax Act (VATA). Thus, VAT is required to be deducted by a supplier/provider on all sums payable to a client for the supply of all goods […]
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