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   Market Date: 22-12-2014   
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Taxation

  1. The Gross Up Clauses in Commercial Leases Within the Context of WHT Regime in Nigeria


    Generally, where one party to a transaction is uncertain as to the tax consequences, he may endeavour to shift his income tax risk to the other. Whether ' such a tax-shifting covenant can be arranged depends primarily on the bargaining positions of the parties. Whenever such tax-shifting covenants become a part of the bargain, the practical effect is to substitute the financial ability of the obligor for the uncertain tax risk.
  2. Revisiting FIRS vs Halliburton – For the Records


    Revisiting the decisions in Global Marine Baltic Incorporation vs Federal Inland Revenue Service, (2013) 12 TLRN 1 and Federal Inland Revenue Service vs Halliburton (WA) Limited, CA/L/320/2009
  3. Overall Tax Cost and Compliance Burden Lower for Businesses around the World


    Paying taxes has become easier over the past year for medium-sized companies around the world, the latest report from the World Bank Group and PwC finds. The time it takes an average company to meet its tax obligations dropped by four hours last year, according to the Paying Taxes 2015 study.
  4. Business Reorganisation in Nigeria – Key Tax Considerations


    A popular saying has it that change is the only constant in life. This is true, especially in business. Organisations have to continuously re-examine their legal and operating structures to ensure they are fit for purpose and are able to compete favourably in the modern business world. This review often results in some internal and, sometimes, external restructuring activities.
  5. Impact of VAT Exemption on commissions related to capital market transactions


    The Nigerian government has amended the VAT Services Exempt list to include commissions related to capital markets
  6. Value Added Tax (VAT) Exemption of Commissions on Stock Exchange Transactions.


    Further to the measures announced by the Coordinating Minister of the Economy and Honourable Minister of Finance (CME) Dr. Ngozi Okonjo-Iweala, CFR on December 3, 2012, to resuscitate the Nigerian Capital Market, The Exchange is pleased to learn that the VAT exemption is now effective on all commissions applicable to capital market transactions.
  7. TAX Incentives and Expenditure Allowances – September 2014


    To encourage further and continuing investments, various Tax Incentives and Tax Capital or Expenditure Allowances are embedded in the Statute Books waiting to be taken advantage of by businesses. Some of these investment incentives and expenditure allowances are succinctly highlighted in the following paragraphs.
  8. Legal validity of advanced tax rulings in Nigeria - Saipem v FIRS


    Double Taxation Agreement is not meant to give the tax which is due to one country to another but to ensure [that] the same income is not taxed by two different countries. - Honourable Justice Saliu Saidu in Saipem vs FIRS.
  9. Taxation of Dividends: OANDO Plc vs. FIRS I & II Revisted


    Pelican are birds that inhabit the coastlines of Florida, Louisiana, and the Gulf of Mexico, and they feed their little chicks by breaking down the food with beaks, even when the adult pelicans are hungry. Likened to a corporation, United States Fifth Ci
  10. Tax Appeal Tribunal’s Jurisdiction viz-a-viz the Federal High Court


    Tax practitioners were apprehensive as to whether the Nigerian Tax Appeal Tribunals (“TAT”) would suffer similar a fate as the extinct Value Added Tax (VAT) Tribunal.
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