TAX
Finance Act 2019 – Tax Implications for the Private Equity Industry
On 13 January 2020, President Muhammadu Buhari signed the Finance Bill, 2019 (now Finance Act, 2019) into law. The Act made significant changes to legislation such as the Companies […]
Potential value-added tax liabilities for foreign private equity firms: The fallout from Allan Gray v. FIRS
In its recent decision in AllanGray Investment Management Nigeria Limited v Federal Inland Revenue Service, the Tax Appeal Tribunal (TAT) held that a foreign company (which engages an agent in Nigeria to provide marketing or distribution services) will […]
An Overview of the Major Changes Introduced by the Finance Act to Nigeria’s Tax Regime
On 13 January 2020, the President of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari, assented to the Finance Bill (“the Finance Act”) which made substantial amendments to the primary tax legislation in Nigeria.
Value Added Tax Legislative Framework and the Authority to Amend the Chargeable Rate (1)
In a bid to shore up its revenue base to finance the 2020 budget, the executive arm of the Federal Government of Nigeria has expressed its intention to increase the chargeable rate of value added tax from 5 […]
INSIGHT: Applying VAT to ‘‘Imported’’ Services in Nigeria
Adefolake Adewusi, Florence Bola-Balogun and Tolulope Ogidi of ǼLEX review a recent decision of the Nigerian Court of Appeal on whether VAT should be payable on satellite bandwidth, and consider some legal issues which arise from […]
DEDUCTIBILITY OF PUNITIVE PAYMENTS IN CORPORATE TAX ASSESSMENT
Arguably, the most basic principles in business are minimising cost and maximising profit. Thus, it is not unnatural that businesses would seek to reduce their expenses to the barest minimum. It is likely that a business which has […]