INTRODUCTION 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 […]
read moreINTRODUCTION The Finance Act 2020 amends some provisions of fourteen (14) legislations, however, the focus of this article shall be a brief discourse on the key amendments contained in the Finance Act 2020 of the following Acts: Companies Income Tax Act; Personal Income Tax Act; Value Added Tax Act; Capital Gains Tax Act; Companies and […]
read moreINTRODUCTION As a form of strategy for the co-ordination of monetary liability for shared utilities such as power, waste management, security etc. and overall maintenance of estate’s facility, it is not unusual for developers of residential estates and residential communities alike to make membership of estate associations mandatory for residents. As a matter of fact, […]
read moreINTRODUCTION For most companies, the transfer of funds in form of loans from one business unit to another is a common phenomenon. The advantages of inter-company loans are favorable to the company as they largely control the terms of such loan. To this end, companies involved in inter-company loans are expected to stay compliant with […]
read moreChemical importation is a highly regulated business activity in Nigeria. This is largely due to the sensitive nature and the possible abuse of some of these chemical items, especially in the wake of the incessant acts of terrorism which has now become a global phenomenon. Thus, it is incumbent on every business owner intending to […]
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