INTRODUCTION 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 […]
read moreThe National Agency for Food and Drugs Administration and Control (NAFDAC) (more particularly the Registration and Regulatory Directorate) is the agency in charge of issuing approvals for medical devices, amongst other classes of regulated products, in Nigeria. According to the NAFDAC Act, LFN 2004, a medical device is any instrument, apparatus or contrivance (including […]
read moreLimited partnerships are a form of partnerships that are now regulated under the Companies and Allied Matters Act 2020 (CAMA). Partnerships were generally hitherto only regulated federation wide by the Partnership Act 1890 (PA) – a statute of general application not having provisions for Limited Partnerships. Lagos state enacted a law for Partnerships including regulations […]
read moreThe Legal 500’s Country Comparative Guides are produced in association with the World’s leading lawyers and gives the in-house community a practical overview of the laws and regulations in key jurisdictions, for specific practice areas. Each country chapter is written by a renowned firm in an easy to use Q&A format. The Hot Topic articles […]
read moreEXECUTIVE SUMMARY The concept of digital services taxation is fast becoming a global trend and has been a subject of discussion by the OECD through its Base Erosion and Profit Shifting (BEPS) Project, with several ongoing proposal talks with member countries. Nigeria like some countries has taken steps ahead of the OECD in taxing its […]
read moreINTRODUCTION The signing of the Companies and Allied Matters Act, 2020 (“CAMA, 2020”) into law by President Muhammadu Buhari on the 7th of August, 2020 rides on the successful enactment of the Finance Act which fundamentally repositions Nigeria tax legislations and the enactment of the Federal Competition and Consumer Protection Act of 2019 which represents […]
read moreOn the 9th of July, 2020, the LIRS issued a public notice to introduce additional palliative measures for its taxpayers in the face of the covid-19 pandemic. This is preceded by the earlier 3 month extension of the deadline for filing annual returns on incomes and claims by taxable persons from the 31st of March […]
read moreThe world is evolving, perhaps faster than we can imagine. Technology has placed human transaction on a fast pace and as such transactions are being carried out without parties involved meeting physically. Social interactive applications have become the new normal for business transactions as well as for the effective execution of contracts. In response to […]
read moreOn the 24th of June, 2020, the FIRS issued a public notice to the effect that the following items stated in the VAT Modification order as VAT exempt are still subject to VAT. They include: • natural gas; • materials for pharmaceutical products; • renewable energy equipment; and • materials for baby diapers & sanitary […]
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