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News & Insights

FUTHER MEASURES TAKEN BY THE FEDERAL INLAND REVENUE SERIVCE TO MITIGATE THE IMPACT OF COVID-19 ON TAXPAYERS

The Federal Inland Revenue Service (FIRS) in its bid to continue to cushion the effects of the COVID-19 Pandemic on taxpayers (individuals and businesses alike), has rolled out further measures to support taxpayers in managing their tax obligations as they are impacted by the Pandemic. The FIRS came to this decision following the decision of […]

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Tax Holiday Available to Nigerian Medical and Pharmaceutical sectors

With the geometric increase in the number of persons infected with the coronavirus disease, there has been reactionary measures to ensure that economic activities remain a steady progress. Remarkably, the health sector has benefitted the most from these measures. Clearly, Nigeria’s trajectory is to ensure that at all cost the health sector does not suffer […]

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Managing the Impacts of COVID-19

The Nigerian Government has announced interventions and palliative measures to cushion the negative economic impact of the COVID-19 on individuals and business organisations respectively. On the 13th of April, 2020, the Nigerian President Muhammadu Buhari addressed the nation following the initial cessation of all movements in Lagos State, Ogun State & the Federal Capital Territory […]

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The A – Z of Money Lending in Nigeria

Money is necessary for the facilitation of everything in life. To meet the need and demand for money, the art of lending evolved with financial institutions, notably banks, providing large scale credit facilities mainly for investments and related matters. Such credit facilities or loans called for stringent security in the form of cumbersome collaterals. In […]

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The 2019 Finance Bill and it’s implications for doing business in Nigeria

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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FIRS Demands Companies to Withhold Value Added Tax (VAT)/Withholding Tax (WHT) Deductible on Compensation/Commission due to Distributors /Dealers and/or Agents.

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 […]

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ESTABLISHING A MANUFACTURING OUTFIT IN NIGERIA

Manufacturing 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 […]

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Updates on the Transfer Pricing Regime in Nigeria – The Income Tax (Transfer Pricing) Regulations 2018

Introduction 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 […]

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PROPERTY OWNERSHIP – OBTAINING GOVERNOR’S CONSENT IN LAGOS STATE

Introduction 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 […]

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