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Category: Tax

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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A Review of the TAT Ruling in Dangote Industries Limited V. Federal Inland Revenue Services (2022): Lessons for Tax Payers

Background In 2017, the Federal Inland Revenue Service (FIRS) conducted a Tax audit on the business of Dangote Industries Limited (the “Company”) for the period between 2013 – 2015. Pursuant to the Audit, it adjusted and recomputed the Company’s tax liabilities on the basis, amongst others, of the inclusion of costs and expenses which are […]

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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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HIGHLIGHTS ON THE LAGOS STATE VALUE ADDED TAX LAW 2021.

INTRODUCTION. On the 21st September, 2021, the Lagos State House of Assembly passed a VAT law following the Court of Appeal judgement in the case of Federal Inland Revenue Service V. Attorney General of Rivers State & Attorney General of the Federation (CA/PA/282/2021). The case was bothered on the State Government’s constitutional power to administer, […]

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EXAMINING SECURITY PAYMENT FOR PROSECUTION OF A TAX APPEAL

INTRODUCTION We discuss security payment for prosecution of a tax appeal in Nigeria in the narrow sense of the tax payer’s access to the Nigerian courts and not to a political order. The tax payer contributes significantly to the social and economic developments of society. Tax administration must therefore guarantee the tax payer’s freedom which […]

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THE TAX APPEAL TRIBUNAL (PROCEDURE) RULES 2021

The Honorable Minister for Finance, Budget and National Planning (“the Minister”) recently issued new Tax Appeal Tribunal (Procedure) Rules 2021 (“the Rules”). The Rules were issued pursuant to the powers in Paragraph 21 of the Fifth Schedule to the Federal Inland Revenue Service (Establishment) Act, 2007. The Rules replace the 2010 Rules and are intended […]

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THE FEDERAL HIGH COURT (FIRS) PRACTICE DIRECTIONS 2021: A CRITICAL REVIEW

INTRODUCTION The Chief Judge of the Federal High Court only recently issued the Federal High Court (FIRS) Practice Directions 2021 (Practice Directions) pursuant to the Honourable Chief Judge’s powers conferred by Order 57 Rule 3 of the Federal High Court (Civil Procedure) Rules 2019. The object of the issue of the Practice Directions is to […]

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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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