LAGOS STATE’S VIRTUAL TAX AUDIT RECONCILIATION
The Lagos State Internal Revenue Service or (“LIRS” or “the Service”) recently released a public notice on the 1st of July 2020, to the public and taxpayers especially those with…
MERGERS & ACQUISITION IN NIGERIA
Structure of Mergers A merger can be done by; a) purchase or lease of shares, interests or assets in the other company(s), b) by amalgamation or other combination with the…
STAMP DUTY IS PAYABLE ON YOUR E-DOCUMENTS/MESSAGES
The Federal Inland Revenue Services “FIRS” on April 29, 2020 released an information circular to clarify the amendment of the Stamp Duties Act by the Finance Act 2019. Electronic Documents…
INVESTING IN TELECOMMUNICATIONS IN NIGERIA
Regulators The primary legislation governing telecommunications in Nigeria is the Nigerian Communications (NCC) Act 2003, complemented by NCC regulations, guidelines and codes, for example the NCC recently released the Nigerian…
RESOLVING SMALL PANDEMIC DISPUTES
The Pandemic Business Dispute Resolution Service which offers facilitated negotiation, low-cost arbitration and mediation has been jointly created by the Chartered Institute of Arbitrators (CIArb) the leading global professional organisation…
NON-RESIDENT COMPANY/ PERSON TAXABLE IN NIGERIA
The Value added Tax Act 1993 provides for the payment of tax by non-resident foreign companies that carry on business in Nigeria by insisting that such companies register with the…
MANAGEMENT BUY-OUT AS AN INTERNAL RESTRUCTURING OPTION
A Management Buyout (MBO) is an acquisition of a business by its management team of the controlling shares of the company usually (but not always) in coordination with an external…
FORGING PARTNERSHIP TO SURVIVE ECONOMIC CONSTRAINTS
The adverse economic effects of the Covid-19 pandemic have resulted in companies considering various options to remain a going concern. One of these ways is forming a partnership. A partnership…
LESSONS TO LEARN IN TRANSACTING WITH SISTER-COMPANIES
A group of companies, partnerships, joint-ventures, affiliated companies may conduct transactions amongst themselves. Many countries, like Nigeria, have adopted transfer pricing mechanisms to ensure such transactions are done at arm's…
LIRS EXTENDS GUIDELINES FOR FILING ANNUAL PERSONAL INCOME TAX RETURNS
DO YOU KNOW: The Lagos State Internal Revenue Service has issued a public notice further extending the deadline of filing of annual tax returns for individual taxpayers including self- employed…
NIGERIAN FISCAL LAW ENCOURAGES INVESTMENTS IN RENEWABLE ENERGY
Introduction It is no longer news that COVID-19 is going to change the way companies, Small and Medium businesses, individuals, and governments at all levels engage in business. Due to social distancing, a lot of reliance…
SUMMARY OF THE NIGERIAN VALUE ADDED TAX MODIFICATION ORDER 2020
The Honorable Minister of Finance, Budget and National Planning on 3rd February 2020 signed into law the Value Added Tax Act Modification Order 2020 (The Order). The Order contains a…
REGULATORY APPROACH TO VIRTUAL CURRENCY IN NIGERIA
With investors’ confidence in traditional markets waning in the wake of COVID-19, there is the question whether investments in virtual currencies would rise as an alternative. In Africa and Nigeria,…