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PwC Nigeria
On 18 November 2020, the CBN, issued a follow up circular further to its earlier notice of 24 August 2020, which directed authorised dealers against issuing Form Ms for imports where payments were not made directly to the ultimate supplier.
Andersen Tax LP
On 8th October, 2020, the Tax Appeal Tribunal ("TAT" or "the Tribunal"), sitting in Benin, delivered a ruling in the case of Citibank Nigeria Limited ("Citibank" or "the Bank") ...
Andersen Tax LP
Until recently, stamp duties had been one of the underutilized sources of revenue for the Nigerian Government.
Resolution Law Firm
Under the Nigerian constitution, petroleum is considered a national asset and the ownership is vested in the Federal Government to manage for the entire country.
Sefton Fross
Globally, tax laws assume that you need a certain level of physical presence (an office, a factory, a workshop etc.) in a foreign country before you can be assumed to have earned taxable revenue from that country.
Andersen Tax LP
There is no doubt that the last few years, 2018 in particular, witnessed significant developments in the Nigerian Transfer Pricing (TP) space including the introduction of various TP Regulations and Guidelines.
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, ...
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