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It is no longer news that the Companies and Allied Matters Act (CAMA) 2020 was signed into law in August 2020 by the President, further to significant changes in the economic and business world compared to when the law was enacted in 1990. The new CAMA is to ensure...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
It is no longer news that the Finance Act 2019 amended seven (7) tax legislations. In a bid to provide clarification to some ambiguous provisions of the Finance Act and the modalities for its application, the Federal Inland Revenue Service (“FIRS”) issued a series of...read more
The Federal Inland Revenue Service (FIRS) on April 30, 2020 in a bid to further cushion the effect of Covid-19 Pandemic on taxpayers as well as shore-up tax revenue for government, released a notice stating that tax arrears which arose as a result of desk review, tax...read more