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Nigeria
Andersen Tax LP
n 2009, the Lagos State Government enacted the Partnership (Amendment) Law of Lagos State ("the Partnership Law").
Pavestones Legal
The Pioneer Status Incentive ("PSI") is one of the available tax incentives in Nigeria aimed at attracting investment into critical sectors of the Nigerian economy.
Andersen Tax LP
The applicability of Value Added Tax (VAT) to rental income derived from property leases in Nigeria has been the subject of controversy. This stems from the uncertainty as to whether leases,...
Resolution Law Firm
Foreign companies are also known as non-resident entities, they can earn incomes in Nigeria through two ways, which shall be briefly discussed below.
PwC Nigeria
On 24 August 2020, the Central Bank of Nigeria issued a notice directing authorised dealers against issuing Form Ms for imports, where payments are not made directly to the ultimate supplier.
Andersen Tax LP
One thing that makes legal and statutory interpretations interesting is the room for flexible interpretation of the same provisions by different bodies using different rules of interpretation.
Famsville Solicitors
This briefing note is designed to give some practical guidance to the Income Tax (Common Reporting Standard) Regulations 2019 (the ‘'Regulation'') and the recently clarified directive (the ‘‘Directive'') of the Federal Government of Nigeria (the ‘‘FGN'').
PwC Nigeria
In Chief J.W. Ellah & Sons Company Ltd v FIRS and Essay Holdings Ltd v. FIRS decided by the Tax Appeal Tribunal (TAT) in Benin and Lagos Zones respectively...
TNP
The appellant in this appeal invests in and develops commercial and residential real properties which are leased out to generate income through rents.
Andersen Tax LP
On 10th September, 2020, the Tax Appeal Tribunal ("TAT") in the case of Ess-ay Holdings Limited ("Ess-ay Holdings" or "the Company") v Federal Inland Revenue Service ("FIRS") held that a lease...
Andersen Tax LP
The Nigerian economy has not been left out of the various improvements in technology and innovation leading to more efficiency and effectiveness.
Banwo & Ighodalo
The Tax Appeal Tribunal, Lagos Zone, on September 10, 2020, decided in Ess-Ay Holdings Limited v Federal Inland Revenue Service that the lease of real property (commercial or residential) and payment of rent thereof.
Andersen Tax LP
On 28th February, 2020, the Tax Appeal Tribunal ("TAT" or "the Tribunal"), sitting in Lagos, delivered a ruling in the case of Tetra Pak West Africa Limited ("Tetra Pak" or "the Company")...
Andersen Tax LP
Following the drop in global crude oil prices and the economic shutdown caused by the COVID-19 pandemic, economies across the globe have been significantly impacted, ...
PwC Nigeria
The FIRS has shared communications with taxpayers regarding the commencement of exchange of information with other countries. The communication reads as follows:
LeLaw Barristers & Solicitors
In May 2012, I wrote an article, ‘Can the House of Representatives Order Tax Audits?' where I argued strenuously that the House cannot hire consultants to conduct tax audits of erring companies.
Andersen Tax LP
Benjamin Franklin is quoted to have said, ‘‘… in this world nothing can be said to be certain, except death and taxes''.
Resolution Law Firm
The Company Income Tax Act (CITA) is the principal law that regulates the taxation of companies in Nigeria.
PwC Nigeria
Since the inauguration of the Inter-Ministerial Committee for the Audit and Recovery of Back-Years Stamp Duties on 30 June 2020 (link to previous alert)...
Andersen Tax LP
On 30th July, 2020, the Federal Inland Revenue Service issued a Public Notice informing taxpayers of its grant of further extension to the deadline for filing Companies Income Tax returns by one week.
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