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TAX APPEAL TRIBUNAL (TAT) RULES THAT RENTAL INCOME DERIVED FROM COMMERCIAL AND RESIDENTIAL REAL PROPERTIES ARE VAT EXEMPT
On Thursday, 10 September 2020, the Tax Appeal Tribunal (“TAT”), Lagos Division delivered a judgment in a matter between Ess-ay Holdings Limited (“the Appellant”) and the Federal Inland Revenue Service (“FIRS” or “the Respondent”). The matter bordered on the...read more
The President of the Federal Republic of Nigeria has on Friday 7 August 2020 signed into law, the Companies and Allied Matters Act 2019 (CAMA 2019). The CAMA 2019 has now repealed and replaced the erstwhile CAMA CAP C20 LFN 2004 which has been in operation since 1990,...read more
THE COURT DECIDES: LUMP SUM PAYMENT OF 25% TO RETIREES ABOVE 50 YEARS BY PENSION FUND ADMINISTRATORS UNLAWFUL
Background The National Industrial Court, sitting in the Abuja Judicial Division has ruled in Maroof Giwa (“the Claimant”) v. ARM Pension Managers (“ARM”) & National Pensions Commission that the 25% lump sum payment to retirees over 50 years of age by Pension Fund...read more
The Federal Inland Revenue Service (FIRS), on Tuesday 30 June 2020, launched its adhesive stamps for the purposes of stamp duties. An inauguration themed 'Stamp Duties Act: Repositioning Nigeria Towards Greater Revenue Mobilization' inducted an inter-ministerial...read more
It will be recalled that the Honourable Minister of Finance recently, in exercise of the powers conferred on her by the Value Added Tax (VAT) Act, expatiated the scope of exempt items as enshrined in the First Schedule to the Value Added Tax (VAT) Act via the Value...read more
Court rules that only the NASS can alter the Taxes and Levies (Approved List for Collection) Act (Amendment) Order 2015.
On 8th May 2020, the Federal High Court, Lagos Division, delivered judgment in a matter between The Registered Trustees of Hotel Owners and Managers Association of Lagos (suing for itself and on behalf of all its members) (“the Plaintiff”) v The Attorney General of...read more
The recently enacted Finance Act (“the Act”) which amends amongst other tax statutes, the Companies Income Tax Act (CITA), introduced a new clause in Section 13 of CITA on taxation of Non-resident Companies (NRCs) with a Significant Economic Presence (SEP) in Nigeria....read more