Introduction By a circular issued 20th April 2023, the Federal Government through the Ministry of Finance, Budget and National Planning communicated the presidential approval for the 2023 Fiscal Policy Measures (FPM 2023), replacing the Fiscal Policy Measures 2022. Some of key provisions of the FPM 2023 include the following: The FPM implemented the ECOWAS Common […]
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Where government policies and legislation have a global impact on M&A transactions, this article highlights amendments to tax laws that directly impact M&A transactions in Nigeria. Corporate Income Tax Act (CITA)Generally, the CITA stipulates that no merger or restructuring can be carried out without the direction and clearance of the Federal Inland Revenue Service (FIRS). […]
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Brief Facts By an Appeal dated 26th August 2021, New Skies Satellites BV (New Skies/the company) challenged the Federal Inland Revenue Service’s (FIRS) assessments. New Skies is a Dutch entity which provides satellites services via its network of communication satellites. The company was engaged by the Nigerian Broadcasting Corporation (NBC) to provide satellite services and […]
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The Business Facilitation Act (Miscellaneous Provisions) Act 2023 (BFA 2023) was assented to by the President on 8th February 2023 as an initiative of the Presidential Enabling Business Environment Committee (PEBEC). The BFA was enacted to promote the ease of doing business in Nigeria, eliminate bottlenecks, ensure transparency, efficiency, and productivity in Nigeria, amend relevant legislations for this purpose and institutionalize reforms to ease implementation. This Article would therefore seek to highlight the fundamental provisions as well as the core amendments made by the BFA 2023.
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In Nigeria, the Ministry of the Interior is responsible for the administration and technical enforcement of the Nigerian Immigration Act 2015 and the Immigration Regulations 2017 as they relate to the establishment of business in Nigeria by wholly foreign-owned or joint venture companies and the employment of expatriates.
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This article highlights the latest developments in the Nigerian taxation space, including updates on tax laws, policies, regulations, and initiatives which will have or have had a significant impact on taxpayers and businesses in Nigeria.
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Pursuant to the powers of the FIRS to make regulations that are necessary to give full effect to the provisions of the FIRS (Establishment) Act, the FIRS issued the Non-Interest Finance (Taxation) Regulations 2022 with effect from April 2022 to amongst other things regulate the taxation of institutions offering non-interest financial services in Nigeria, in […]
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Introduction Without doubt, the continued increase in the establishment of technology (tech) organizations and startups in Nigeria has been significant. Therefore, the need for a corresponding legislation to regulate and provide a useful framework for Nigeria’s rapidly increasing Startup ecosystem become imperative. Hence, in October 2022, the Nigerian Startup Act (the “Act”) was assented to […]
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Trademarks are unique marks, or a combination of marks used to distinguish the goods or services offered by a business. Trademarks of successful businesses are often subject to infringement by competitors attempting to exploit their good will. It is therefore important for businesses to take necessary steps to protect their trademark and enforce them when […]
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Background In 2017, the Federal Inland Revenue Service (FIRS) conducted a Tax audit on the business of Dangote Industries Limited (the “Company”) for the period between 2013 – 2015. Pursuant to the Audit, it adjusted and recomputed the Company’s tax liabilities on the basis, amongst others, of the inclusion of costs and expenses which are […]
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