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News & Insights

News & Insights

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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ESSENTIAL CLAUSES FOR SHAREHOLDERS AGREEMENTS

INTRODUCTION 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 […]

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FEDERAL GOVERNMENT RECONSTITUTES TAX APPEAL TRIBUNAL

On 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 […]

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