Knowledge Bank

A.G. RIVERS STATE V. FEDERAL INLAND REVENUE SERVICE & ANOR: ANALYSIS OF IMPLICATIONS OF JUDGMENT

Introduction On 9 August 2021, the Federal High Court sitting in Port-Harcourt per Hon. Justice Stephen Dalyop Pam delivered a judgement which withholds the power of the National Assembly to make laws on Value Added Tax, Withholding Tax, Education Tax and Technology Tax and the power of the Federal Inland Revenue Service (FIRS) to administer …

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Updated Tax Appeal Tribunal – Transfer Pricing Judgment.

Introduction On 19 February 2020, the Nigerian Tax Appeal Tribunal (the “Tribunal”), sitting in Lagos delivered its first ever judgement on a transfer pricing (TP) dispute under Nigeria’s Income Tax (Transfer Pricing) Regulations No 1, 2012 (TP Regulations) in the tax appeal filed by Prime Plastichem Nigeria Limited (the “Appellant”) against the Federal Inland Revenue …

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TWO YEARS AFTER THE METER ASSET PROVIDER REGULATION (2018): TAKING STOCK.

Introduction The regulatory framework on Meter Asset Provider (Regulation) issued by the Nigerian Electricity Commission (NERC) came into effect on 8 March 2018 and became enforceable on 3 April 2018. The Regulation seeks to encourage the development of independent and competitive meter services, eliminate estimated billing practices, attract private investment for  the provision of metering …

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THE IMPACT OF THE COVID-19 PANDEMIC ON EMPLOYMENT CONTRACTS.

Introduction As the COVID-19 pandemic continues to devastate the global economy, employers in large and small businesses are faced with a dreadful conundrum on whether to let their staff go, cut their hours, or declare them redundant. It is however highly unlikely that most employers, in drafting their contracts of employment, would have contemplated the …

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TAKING SECURITY A REVIEW OF MORTGAGE CREATION UNDER NIGERIAN LAW.

Introduction According to Roy Goode, a financier taking security for an advance is concerned to see that if the debtor’s assets are insufficient to meet the claims of all his creditors, the financier will at least be able to look to his security to obtain total or partial payment.[1] Consequently, the fundamental reasons lenders require security …

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REGULATION OF FOREIGN-TO-FOREIGN MERGERS IN NIGERIA.

Introduction Prior to the enactment of the Federal Competition and Protection Commission Act 2018 (FCCPA), there were no laws regulating mergers between non-Nigerian entities which result in a change of control of a Nigerian business (foreign-to-foreign mergers). Thus, a person desiring to acquire a company may avoid Nigerian merger control regulations by simply acquiring the …

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POSITIONING FOR GROWTH IN THE NIGERIAN INSURANCE SECTOR.

Introduction The apex regulator of the insurance sector, National Insurance Commission (“NAICOM”) in 2019 issued directives for the increase in the minimum paid-up share capital requirement for all classes of insurance companies in Nigeria[1]. The effective date for compliance with the recapitalisation was initially extended from 30 June 2020 to 31 December 2020[2] and has …

POSITIONING FOR GROWTH IN THE NIGERIAN INSURANCE SECTOR. Read More »