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Category: Corporate and Commercial Law

Highlights of the Non-Interest Finance (Taxation) Regulation 2022

Pursuant to the powers of the FIRS to make regulations that are necessary to give full effect to the provisions of the FIRS (Establishment) Act, the FIRS issued the Non-Interest Finance (Taxation) Regulations 2022 with effect from April 2022 to amongst other things regulate the taxation of institutions offering non-interest financial services in Nigeria, in […]

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The Nigerian Startup Act 2022: Notable Provisions and Challenges

Introduction Without doubt, the continued increase in the establishment of technology (tech) organizations and startups in Nigeria has been significant. Therefore, the need for a corresponding legislation to regulate and provide a useful framework for Nigeria’s rapidly increasing Startup ecosystem become imperative. Hence, in October 2022, the Nigerian Startup Act (the “Act”) was assented to […]

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TRADEMARK INFRINGEMENT IN NIGERIA: LEGAL REMEDIES

Trademarks are unique marks, or a combination of marks used to distinguish the goods or services offered by a business. Trademarks of successful businesses are often subject to infringement by competitors attempting to exploit their good will. It is therefore important for businesses to take necessary steps to protect their trademark and enforce them when […]

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Taxation of Employee Share Based Compensation Schemes in Nigeria

Introduction – Everyone is an owner In light of the serious migration crisis in Nigeria, organizations are devising new ways to attract, hire and retain talent. Hence, apart from monthly salary remuneration and other benefits, organizations are offering Employee Share Based Compensations (ESBC) to their staff in order to, amongst other things, give them a […]

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FOREIGN PARTICIPATION IN BUSINESSES IN NIGERIA

FOREIGN PARTICIPATION IN BUSINESSES IN NIGERIA Introduction Despite the outbreak of COVID-19, Nigeria continues to attract an increasing number of foreign investments. In 2020, the United Nations reported that Nigeria’s inflow of Foreign Direct Investments (FDI) increased by 4.3%. As the market expands, the government continually issues policies aimed at creating a conducive business environment. […]

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AN ANALYSIS OF THE CONSENT JUDGMENT DELIVERED BY THE FEDERAL HIGH COURT, ABEOKUTA, BARRING THE BIG 4 (FOUR) (PWC, KPMG, DELOITTE, & EY) FROM PROVIDING LEGAL SERVICES IN NIGERIA.

INTRODUCTION Hon. Justices M. Shittu Abubakar and O.O Oguntoyinbo of the Federal High Court sitting in the Abeokuta Judicial Division, delivered Consent Judgments in the matter between Mr. Olumide Babalola (a legal practitioner in the state), and the top four accounting and advisory/consultancy firms in Lagos; Price Waterhouse Coopers Limited; Ernst & Young Advisory Service […]

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TAXATION OF EDUCATIONAL INSTITUTIONS UNDER THE FINANCE ACT, 2021.

INTRODUCTION. Schools under various tax laws, were exempted from tax liability under section 23(1)(c) of the Companies and Allied Matters Act (CITA). The act included among others, educational services of a public character, as activities exempted from Companies Income Tax (CIT). The rational posed was that schools are incorporated as a company limited by guarantee […]

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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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VALIDITY OF THE VAT ACT IN VIEW OF RECENT JUDICIAL PRONOUNCEMENTS

INTRODUCTION The Value Added Tax Act, LFN 2004 (VATA) is the enabling law imposing Value Added Tax (VAT) on the supply of taxable goods and services in Nigeria, and in furtherance of this, the Act has empowered the Federal Inland Revenue Board to be responsible for the administration and collection of this tax. It is […]

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EXAMINING TAX RELIEFS FOR THE INSURANCE SECTOR IN LINE WITH CURRENT REALITIES

INTRODUCTION 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 […]

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