INTRODUCTION The registration of products under global listing with the National Agency for Food Drug Administrative Control (NAFDAC) applies only to food and cosmetics items produced in large quantities. The NAFDAC Global Listing license or permit is relevant where an importer or supermarket owner intends to import branded items into Nigeria in large quantities. The applicant […]
read moreINTRODUCTION For the purpose of ascertaining assessable profits of a company for tax purposes in Nigeria there is allowed deductions of donations made by such a company to certain entities. These entities have been defined under Section 25 (5) of the Companies Income Tax Act CAP C21, LFN 2004 (as amended) (CITA) as Public funds, […]
read moreINTRODUCTION The Federal Inland Revenue Service (“FIRS”) recently issued information circular no: 2021/01 (“the Circular”) for the purpose of clarifying the tax treatment of Non-Governmental Organisations (NGOs) and the application of the provisions of the Companies Income Tax Act (CITA) Cap. C21 LFN 2004 (as amended), Personal Income Tax Act (PITA) Cap.P8 LFN 2004 (as […]
read moreINTRODUCTION Value Added Tax (VAT) is regulated by fiscal legislation in the Value Added Tax Act CAP V1, LFN 2004 (as amended). VAT has however, not been defined by the Act. The Federal High Court in Nigeria per Hon. Justice Saliu Saidu in the case of SAIPEM CONTRACTING NIGERIA LTD & 2 ORS V. FEDERAL INLAND […]
read moreINTRODUCTION Although residence is the basis for taxation in Nigeria and taxes are payable on the world wide income of all resident persons, this does not however preclude non-residents from being liable to pay taxes in Nigeria where such liability is deemed to have arisen. Tax liabilities in this regard would usually ensue from transactions […]
read moreINTRODUCTION Owing to changes in government policies and the current business climate in Nigeria, companies are required to be strategic in order to remain competitive, while also enhancing growth and profitability. Corporate restructuring or reorganisation is a critical tool required to achieve business efficiency and optimisation. Corporate restructuring refers to any transaction whereby all or […]
read moreINTRODUCTION Data Protection compliance is the universally accepted practice of ensuring that sensitive data gathered by organizations and businesses is organized and managed in such a way as to enable organizations to meet enterprise business rules along with lawful and constitutional regulations. Data protection compliance entails establishing policies that outline how data protection is achieved in your organization […]
read moreINTRODUCTION On 30th November 2020, the Tax Appeal Tribunal (the “Tribunal”) sitting in Lagos delivered judgment in the case of Tetra Pak West Africa Limited v Federal Inland Revenue Service with appeal number: TAT/LZ/WHT/007/2019. It defined what constitutes “ordinary course of business” for the purpose of determining withholding tax (WHT) liability. SUMMARY OF THE FACTS The appellant in […]
read moreINTRODUCTION Nigeria is gradually convalescing from the tensions of the aftermath of civil onslaughts that took place in several parts of the country with Lagos, its commercial hub, being mostly hit by the activities of restive persons at the ebb of protests. These questions bring to mind, the concept of insurance, especially considering that many high […]
read moreINTRODUCTION Closing down your company is legally known as winding up. Winding-up is a process where a company formally dissolves its business and statutorily goes into extinction. The purpose of a winding-up process is for a company to cease doing business as usual, sell off its assets, pay off creditors (where applicable) and distribute the […]
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