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N50 Stamp Duties: Unearthing the Incongruity in the CBN Circular
0₦2,500.00Joseph Onele and Emokiniovo Dafe-Akpedeye of Olaniwun Ajayi LP, in their article “N50 Stamp Duties: Unearthing the Incongruity in the CBN Circular” examine the propriety of the Central Bank of Nigeria 2016 Circular by which Banks and other financial institutions are to charge N50 per eligible transaction. They consider the provisions of the Stamp Duties Act, the Federal Government Financial Regulations 2009 and other extant regulations, and conclude that it was never within the contemplation of the law that electronic transfers would be liable to stamp duty given that, among others, it is impracticable to issue a “receipt duly stamped”.
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The Remittance of Withholding and Pay as You Earn Tax in Nigeria
0₦2,500.00Sabit Lawal, Lecturer, Faculty of Law, Lagos State University, Ojo, in her article “The Remittance of Withholding and Pay As You Earn Tax in Nigeria” undertakes a comprehensive review of the legal framework for remittance of WHT and PAYE tax in Nigeria. She examines issues of default and penalties for non-remittance with recommendations on how the tide of default may be stemmed.
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The Taxman’s Dilemma: Striking a Balance between Protection and Disclosure of Personal Information
0₦2,500.00Olagoke Odubunmi, Legal Practitioner, Lagos in “The Taxman’s Dilemma: Striking A Balance Between Protection and Disclosure of Personal Information” examines several provisions of the Companies Income Tax Act and Personal Income Tax Act on protection of personal information of a tax payer against other provisions of national legislations and international obligations mandating disclosure in an era of concerted global efforts against tax evasion, base erosion and profit shifting.
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Turnover Assessments: Tax Treatment of Recharges under the Companies Income Tax Act
0₦2,500.00Maxwell Ukpebor, Partner, WTS ADEBIYI & Associates, Founder/Editor in Chief, Tax Law Reports of Nigeria (TLRN) and Tax Law Journal of Nigeria in his article “Turnover Assessments: Tax Treatment of Recharges Under the Companies Income Tax Act” examines the unsettled issue of tax treatment of Recharges on Turnover Assessment in cross border transactions. Where the assessable profits of a company are not ascertainable or less than might be expected, the Federal Inland Revenue Service (FIRS) has the discretion to subject a fair and reasonable percentage of the turnover of the company to tax at the rate of 30%. In practice, where the company is a non-resident company, FIRS subjects 20% of the turnover to tax. Costs incurred by local subsidiaries of non-resident companies are normally reimbursed by/recharged to the non-resident company. Are the costs and expenses (called Recharges) allowable or not against the 20% Turnover? While most tax payers believe they are allowable, FIRS “thinks not”. Mr. Ukpebor in this masterly exposition clarifies the issue in controversy.
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An Overview of Oil, Gas and Solid Minerals Taxation
0₦2,500.00Olufunlola Adediran, Director, Oil and Gas Department, Federal Inland Revenue Service in “An Overview of Oil, Gas and Solid Minerals Taxation” examines the commercial structure of the oil, gas and solid minerals industries. She explains the concept of mineral rights, concessions and licenses in the two industries, the regulatory framework, fiscal incentives and legislations applicable to them. She highlights how different sectors of the oil, gas and solid minerals industries are taxed and discusses current issues in the extractive industry including the contentious Petroleum Industry Bill and the Indigenous Oil Companies Bill.
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The Nigerian Tax Administration in Perspective: The Way Forward
0₦2,500.00Dr. Olariyike Akintoye of the Centre for Business Taxation, Kwara State University, Malete in “The Nigerian Tax Administration in Perspective: The Way Forward”, examines the legal framework for tax administration in Nigeria analysing the challenges and proffering ways to improve governments’ income generation through effective but equitable taxation.
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Aggressive Tax Avoidance in Nigeria: Lifting the Corporate Veil as an Anti-Avoidance Tool
0₦2,500.00Derek Obadina, Associate Professor of Taxation, Lagos State University, in his article “Aggressive Tax Avoidance in Nigeria: Lifting the Corporate Veil as an Anti-Avoidance Tool” examines tax avoidance and the deployment of corporate veil lifting as an anti-avoidance tool.
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An Overview of Imposition of Tax on Turnover of Business in Nigeria
0₦2,500.00In “An Overview of Imposition of Tax on Turnover of Business in Nigeria” Dr. Kareem Adedokun of the Kwara State University argues that subjecting the Turnover of Business, rather than its profit, to tax is a necessary anti-avoidance rule and compatible with the status of Nigeria as a democratic country.
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A Critical Analysis of the Excess Dividend Rule in Nigeria: Oando Plc v. FIRS (Oando IV) Revisited
0₦2,500.00Dr Olumide Obayemi, Senior Lecturer, Lagos State University and legal practitioner with Ajumogobia & Okeke, examines whether additional tax on retained earnings of companies amounts to double taxation in “A Critical Analysis of the Excess Dividend Rule in Nigeria: Oando v FIRS (Oando IV) Revisited”.
