Appointment of Chairman and Managing Partner
Appointment of Chairman and Managing Partner
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Sequel to the retirement of Mr David Abiodun Olaleye as Chairman, in line with the…
A Review of TAT’s Ruling on the Applicability of Withholding Tax on management Fees Paid to a Non-resident Company
A Review of TAT’s Ruling on the Applicability of Withholding Tax on management Fees Paid to a Non-resident Company
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On 6 December 2021, the Tax Appeal Tribunal (TAT) sitting in Lagos delivered a judgment…
Previously Exempted Investment Income may now be Liable to Tax Effective from 2 January 2022
Previously Exempted Investment Income may now be Liable to Tax Effective from 2 January 2022
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Recall that on 2 January 2012, the federal government issued the Companies Income Tax (Exemption…
TAT Rules on the Applicability of Withholding Tax on commissions Deducted Upfront by Betting Agents
TAT Rules on the Applicability of Withholding Tax on commissions Deducted Upfront by Betting Agents
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FinSV Gaming Limited (SVG) is a sports betting business that uses a network of agents…
20 Key Changes to the 2021 Finance Act (Effective 1 January 2022)
20 Key Changes to the 2021 Finance Act (Effective 1 January 2022)
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The Bill for the amendment of the Nigerian Finance Act 2021 was transmitted to the…
FIRS Issues Tax Return Guidelines for Free Zone Enterprises in Nigeria
FIRS Issues Tax Return Guidelines for Free Zone Enterprises in Nigeria
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Background The Federal Inland Revenue Service (FIRS) recently issued a circular setting out guidelines for…
CBN Released Regulatory Framework & Guidelines on Mobile Money Services (MMS) in Nigeria
CBN Released Regulatory Framework & Guidelines on Mobile Money Services (MMS) in Nigeria
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The Central Bank of Nigeria (CBN) has released the Regulatory Framework & Guidelines on Mobile…
FIRS Issued Circular on Sundry Changes Including Tax Exemption for SMEs
FIRS Issued Circular on Sundry Changes Including Tax Exemption for SMEs
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The Federal Inland Revenue Service (FIRS) issued a circular to clarify some of the changes…
An Evaluation of the TAT’s Ruling in Multichoice Nigeria Limited vs the FIRS
An Evaluation of the TAT’s Ruling in Multichoice Nigeria Limited vs the FIRS
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The Federal Inland Revenue Service (FIRS) alleged that MultiChoice Nigeria (MCN or the Company) had…
The Federal High Court’s Judgement on VAT Administration in Nigeria and Matters Arising
The Federal High Court’s Judgement on VAT Administration in Nigeria and Matters Arising
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VAT was introduced in Nigeria via Decree No.102 of 1993. It replaced sales tax operated…
An Analysis of Practice Directions on Tax Disputes Determination Issued by the Federal High Court
An Analysis of Practice Directions on Tax Disputes Determination Issued by the Federal High Court
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Recently, the Chief Judge (CJ) of the Federal High Court (FHC) issued the Federal High Court (Federal…
The Petroleum Industry Bill (PIB) – 20 Changes Stakeholders Should Know
The Petroleum Industry Bill (PIB) – 20 Changes Stakeholders Should Know
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Background The Petroleum Industry Bill (PIB) seeks to provide legal, governance, regulatory and fiscal framework…
A Review of Central Bank of Nigeria’s Guidelines on Shared Services Arrangements
A Review of Central Bank of Nigeria’s Guidelines on Shared Services Arrangements
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The increased presence of Multinational Enterprises (MNEs) across various jurisdictions has, among other things, created…
TAT Upholds Statute of Limitation, Rules That Tax Authority Cannot Carry out Repetitive Tax Audits Without Credible Basis
TAT Upholds Statute of Limitation, Rules That Tax Authority Cannot Carry out Repetitive Tax Audits Without Credible Basis
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Background On 28 May 2021, the Tax Appeal Tribunal (TAT) South-South Zone, sitting in Benin,…
Transfer Pricing Compliance in Nigeria and Common Pitfalls for Businesses to Avoid
Transfer Pricing Compliance in Nigeria and Common Pitfalls for Businesses to Avoid
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Background Transfer Pricing (TP) in Nigeria is governed by the Income Tax (Transfer Pricing) Regulations,…
Beware of Key Compliance Obligations Under CAMA 2020 and Companies Regulations 2021
Beware of Key Compliance Obligations Under CAMA 2020 and Companies Regulations 2021
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Background The Companies and Allied Matters Act 2020 (CAMA 2020 or the Act) was signed…
Companies Operating in Nigeria May be Liable to 0.25% Turnover Tax Under the NASENI Act.
Companies Operating in Nigeria May be Liable to 0.25% Turnover Tax Under the NASENI Act.
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On 24 January 2021, President Muhammadu Buhari ordered the Federal Inland Revenue Service (FIRS) to…
FIRS to Deploy Automated Tax Administration Solutions – The Service Issued Public Notice
FIRS to Deploy Automated Tax Administration Solutions – The Service Issued Public Notice
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Background It is important to recall that the Finance Act (FA) 2020 introduced an amendment…
COVID-19 and the imperative for SMEs operational resilience
COVID-19 and the imperative for SMEs operational resilience
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Download the PDF for COVID-19 and the imperative for SMEs operational resilience. “It is not…
VAT on Casino Revenue, Imported Services and Foreign Third-party Recharges: TAT Issues Controversial Ruling
VAT on Casino Revenue, Imported Services and Foreign Third-party Recharges: TAT Issues Controversial Ruling
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Background Tourist Company of Nigeria Plc (TCN or the Appellant) engages in the gaming and…
Tax Appeal Tribunal upholds deemed profits assessment but fails to determine whether FIRS validly exercised its discretion
Tax Appeal Tribunal upholds deemed profits assessment but fails to determine whether FIRS validly exercised its discretion
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Background Section 30(1)(b) of the Companies Income Tax Act (CITA) grants FIRS the discretion to…
Sales in the Ordinary Course of Business not Subject to WHT – TAT Delivers landmark Judgement
Sales in the Ordinary Course of Business not Subject to WHT – TAT Delivers landmark Judgement
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Background On 30 November 2020, the Tax Appeal Tribunal (TAT or the Tribunal) sitting in…
Nexia Agbo Abel & Co. announces new partner, Kofi Alex Peddler
Nexia Agbo Abel & Co. announces new partner, Kofi Alex Peddler
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Nexia Agbo Abel & Co is proud to announce its new partner, Kofi Alex Peddler,…
Taking Control of Controls – Lessons from the Sarbanes Oxley Act for Nigerian Companies
Taking Control of Controls – Lessons from the Sarbanes Oxley Act for Nigerian Companies
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Background In the wake of a series of gross corporate abuses around the turn of…
A customer-first approach during unprecedented times
A customer-first approach during unprecedented times
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Overview The Pandemic has had a significant commercial impact globally, with over 94 percent of…
FIRS grants further palliatives in response to recent business disruptions
FIRS grants further palliatives in response to recent business disruptions
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Overview Following the disruption to businesses occasioned by the recent EndSARS protest across Nigeria, the…
TAT Rules that Rental Income from Property Leases are VAT Exempt
TAT Rules that Rental Income from Property Leases are VAT Exempt
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Overview On Thursday, 10 September 2020, the Tax Appeal Tribunal (TAT), Lagos Division delivered a…
Recent Developments on Stamp Duties in Nigeria
Recent Developments on Stamp Duties in Nigeria
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Stamp Duty is a tax chargeable either at fixed rates (flat amounts) or ad valorem…
CAMA 2020 and the Introduction of Limited Liability Partnership
CAMA 2020 and the Introduction of Limited Liability Partnership
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Prior to the enactment of Companies and Allied Matters Act (CAMA) 2020, the old legislation…
Key Considerations for Improving Electronic Tax Administration in Nigeria
Key Considerations for Improving Electronic Tax Administration in Nigeria
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Over the past decade, there has been a strong global move towards digitalisation. Most sectors…
Nexia Agbo Abel & Co. donates to NCDC to support fight against COVID-19
Nexia Agbo Abel & Co. donates to NCDC to support fight against COVID-19
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The world currently navigates uncharted waters. The COVID-19 pandemic is changing the way we do...
COVID-19: FIRS announces waivers
COVID-19: FIRS announces waivers
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The Federal Inland Revenue Service (FIRS) earlier issued a Public Notice on 30 April 2020…
Post COVID-19: The evolution of work culture in Nigeria
Post COVID-19: The evolution of work culture in Nigeria
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Imagine a Lagos state with tamed bus stops, uncrowded motor parks, and rush hour commutes…
COVID-19 Update
COVID-19 Update
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In light of the outbreak of COVID-19 in Nigeria, we wish to inform our clients…
TAT Delivers its First Judgement on Transfer Pricing Regulations in Nigeria
TAT Delivers its First Judgement on Transfer Pricing Regulations in Nigeria
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The Tax Appeal Tribunal (TAT) sitting in Lagos on Wednesday, 19 February 2020, delivered judgment…
Nexia International, among top 10 largest global accounting networks
Nexia International, among top 10 largest global accounting networks
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Nexia International (Nexia), according to the latest International Accounting Bulletin (IAB) World Survey, has retained…
Major changes introduced by the 2019 Finance Act
Major changes introduced by the 2019 Finance Act
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The Finance Act 2019 recently signed into law by the President of the Federal Republic…
David Olaleye, Chairman, Nexia Agbo Abel & Co. Retires
David Olaleye, Chairman, Nexia Agbo Abel & Co. Retires
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It was an evening of elegance and style on January 30, 2020 at the Transcorp...
Making Counts Count
Making Counts Count
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It is that time of the year; when we want to establish how much inventory…
Know and Exercise Your Tax Right to Fair Hearing
Know and Exercise Your Tax Right to Fair Hearing
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The Nigerian tax laws provide a taxpayer (individual or corporate) the right to fair hearing...
Nigeria’s Border Closure – Effects and Implications
Nigeria’s Border Closure – Effects and Implications
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The recent closure of the Nigerian land borders by the Federal Government came as a…