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Companies Income Tax (Exemption of Bonds and Short-Term Government Securities Order) 2011 – What Next after Ten Years?
Introduction The Nigerian economy has for some years been burdened with the menace of deficit budgeting, which the government has often supplemented, using external and internal borrowings besides other measures. The internal borrowings have been largely via the...read more
Introduction Small and medium scale enterprises (SMEs) are largely viewed as the engine wire of any nation's economic growth and are regarded as justifiable means that propel development globally. SMEs are the key drivers to economic growth and poverty reduction which...read more
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 President has signed the Finance Act 2020 (“the Act”) into law on 31 December 2020. The Act aims at addressing tax as well as non-tax related issues whilst improving on the success of the Finance Act 2019 and correcting its shortcomings. The Act amends fourteen...read more
The Federal Inland Revenue Service (FIRS) via a publication dated 4 November 2020 has granted further tax palliatives to taxpayers. This, as per the publication, is in a bid to ease the losses incurred from business disruptions that recently occurred following ENDSARS...read more
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 The CAMA 2019 has now repealed and replaced the erstwhile CAMA CAP C20 LFN 2004 which has been in operation since 1990,...read more