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Category: Compliance

SIGNIFICANCE OF THE PETROLEUM INDUSTRY ACT

INTRODUCTION Over the last 20 years, there have been various attempts at reforming the petroleum industry in Nigeria. However, none of these attempts has yielded any tangible result until the National Assembly introduced the Petroleum Industry Bill (PIB) 2020. It is worthy of note to state that the oil and gas industry has a significant […]

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CLARIFICATIONS ON THE PROVISIONS OF THE CAPITAL GAINS TAX ACT

The FIRS issued Information Circular No: 2021/09 on the 3rd of June, 2021 pursuant to section 2(4) of the Capital Gains Tax Act, (“CGTA”). The Federal Inland Revenue Service (“FIRS”) in its circular directed all persons, who dispose of chargeable assets to: File Capital Gains Tax (“CGT”) Returns for 2020 and subsequent years of assessment; […]

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REGULATORY AND COMPLIANCE REQUIREMENTS FOR FOOD BUSINESS OWNERS IN NIGERIA

INTRODUCTION The Nigerian food industry is constantly expanding and food business is currently the “go-to” business in Nigeria. According to the National Bureau of Statistics in its May 2020 report, Nigerians spent about 22.8 Trillion Naira on food in 2019, out of which a total of 4 Trillion Naira was spent on food consumed outside […]

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NAFDAC GLOBAL LISTING PERMIT : A REQUIREMENT FOR SUPERMARKET OPERATORS

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 […]

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FIRS GUIDELINES ON THE TAX TREATMENT OF NGOs

INTRODUCTION  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 […]

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EXAMINING THE FIRS CIRCULAR ON THE CHARGEABILITY OF VAT ON SERVICES PROVIDED BY FINANCIAL INSTITUTIONS

INTRODUCTION 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 […]

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BASIC TAX COMPLIANCE REQUIREMENTS FOR NON-RESIDENT ENTITIES

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 […]

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DATA PROTECTION: ALL YOU NEED TO KNOW ABOUT DATA PROTECTION & PRIVACY COMPLIANCE

INTRODUCTION 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 […]

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NAVIGATING THE REGULATORY FRAMEWORK FOR CHEMICAL IMPORTATION IN NIGERIA

Chemical 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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EXAMINING NAFDAC GUIDELINES FOR THE IMPORTATION AND MANUFACTURING OF MEDICAL DEVICES IN NIGERIA

  The 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 […]

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