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An Examination of the Liability of Natural Persons/Individuals for Failure to Demand for Tax Clearance Certificate (TCC) on Foreign Exchange Transactions under Section 85 (2) and (9) of PITA
0₦2,500.00Nnamdi Oragwu, Esq and Ifeanyi Ujah, Esq, in their article, An Examination of the Liability of Natural Persons/Individuals for Failure to Demand for Tax Clearance Certificate (TCC) on Foreign Exchange Transactions under Section 85 (2) and (9) of PITA, examine the provisions of section 85 of PITA, as well as relevant statutory provisions and legal principles, and concludes that penal provisions of section 85 (2) & (9) of PITA apply to government bodies or corporate entities who are mandated to demand for TCC, and not to natural persons/individuals. There has been a renewed attempt by the Inland Revenue Services of the States and the Federal Capital Territory (revenue authorities) to maximize revenue from taxation to finance the increasing government expenditures in Nigeria. To achieve this, the revenue authorities have deployed both civil and criminal proceedings under the enabling laws. One of such enabling laws is the Personal Income Tax Act (PITA) 1993 (as amended), which in section 85 created the requirements of tax clearance certificate (TCC) and mandated specific persons under the section to demand for TCC when dealing with the public during applications or transactions specified therein.
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Bots in the Studio: Contemplating the Question of Authorship in Artificial Intelligence (AI)-Generated Art in Nigeria
0₦2,500.00Abraham Edoka Otene in his article, Bots in the Studio: Contemplating the Question of Authorship in Artificial Intelligence (AI)-Generated Art in Nigeria, explores the authorship of AI generated works under the Copyright regime of Nigeria drawing extensively from how other jurisdictions have dealt with or are dealing with issues it raises and concludes that the best approach the country should take when it finally has to deal with it is to recognize the end user of the AI tool as the author of the artistic work. Just a few years ago, the thought of using text prompts to create works of art that are as close as possible to reality would seem like a thing reserved for science-fiction movies. In today’s world, however, art generated using AI has not only become commonplace but is also creating sensation with it. While Nigeria has not dealt with the question of authorship of such works either at the legislative, executive, or judicial level, there is no doubt that it is only a matter of time before the question arises.
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The Impact of International Tax Cooperation on Regional Economic Development
0₦2,500.00Philips Adekemi, in his article The Impact of International Tax Cooperation on Regional Economic Development, explores the effect of International Tax Cooperation on regional economic development, highlighting the increasing complexity of international tax cooperation. International Tax Cooperation has been a major subject of discussion in reducing regional economic imbalances. As international organizations continue to encourage bilateral relationships and economic integration, the need for international tax cooperation has intensified. The efforts of the G20, G7, United Nations Zero Draft Terms of Reference for a new International Tax Convention, the Committee of Experts in International Cooperation in Tax Matters and OECD’s decision to include tax transparency in international cooperation processes have called for a critical appraisal of this subject. With practical lessons from Latin America and the Caribbean (LAC) and the Nordic Region, Adeyemi examines the several issues for clarification and evaluation in the implementation of international tax cooperation and its impact on economic development. Taking a cue from the resolutions of key players in international tax laws and the practicality of tax cooperation in regional development, Adekemi proposes four tools to boost regional economic development through international tax cooperation.
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The Gravitas Review of Business & Property Law Vol.15 No.2 – Print
0₦5,000.00In this issue of The Gravitas Review of Business & Property Law Vol.15 No.2, there are well researched articles on:
- Landlord & Tenant Law
- Investments & Securities Law
- Litigation Practice & Procedure
- Banking Law & Practice
- Corporate Law & Practice
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The Gravitas Review of Business & Property Law Vol.15 No.2 – E-Book
0₦5,000.00In this issue of The Gravitas Review of Business & Property Law Vol.15 No.2, there are well researched articles on:
- Landlord & Tenant Law
- Investments & Securities Law
- Litigation Practice & Procedure
- Banking Law & Practice
- Corporate Law & Practice
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The Gravitas Review of Business & Property Law Vol.15 No.2
0₦5,000.00In this issue of The Gravitas Review of Business & Property Law Vol.15 No.2, there are well researched articles on:
- Landlord & Tenant Law
- Investments & Securities Law
- Litigation Practice & Procedure
- Banking Law & Practice
- Corporate Law & Practice
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Irregular Statutory Notices in Recovery of Premises Litigation: An Analysis of the Law and the Changing Judicial Attitude
0₦2,500.00In their article, Irregular Statutory Notices in Recovery of Premises Litigation: An Analysis of the Law and the Changing Judicial Attitude, Chimizie Onuzulike and Athanasius Akor, bring to our attention the recent developments in the law and practice on recovery of tenanted premises. The current legal framework on recovery of premises in Nigeria is replete with very many impediments that make it very difficult for a landlord to recover his premises from his tenant. The strict requirement of service of valid statutory notices as condition precedent to the institution of any action for recovery of premises almost invariably, lead to lengthy court battles contested primarily on technical objections commonly raised by tenants relating to validity of a statutory notice. The Supreme Court, in the case of Pillars Nigeria Ltd v. William Kojo Desbordes et al. per Ogunwumiju JSC recently made a remark which seems to suggest that once the summons for recovery of possession is filed, every irregularity in a notice to quit is cured and the time begins to run from the date the originating process is served on the tenant. The Court of Appeal recently adopted the remark of Ogunwunmiju JSC in Pillars’ case as the law and held that the irregularity in the service of statutory notices is cured once an action for recovery of premises is filed by the landlord. While this is a progressive approach, the question whether the remark of Ogunwunmiju JSC in Pillars’ case is an obiter dictum or forms part of the ratio in Pillars’ case as to be binding on lower courts needs to be answered to determine the extent to which the law has changed. Onuzulike and Akor review the Pillars’ case, the recent decision of the Court of Appeal and other earlier decisions of the Supreme Court and the Court of Appeal on the subject.
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Understanding and Negotiating Protective Clauses in M&A Transactions – Representations & Warranties, Covenants & Indemnities
0₦2,500.00Elias Ayobami Quadri, in his article, Understanding and Negotiating Protective Clauses in M&A Transactions – Representations & Warranties, Covenants and Indemnities, discusses the legal effect of representation, warranties, covenants and indemnities in merger and acquisition transactions. In corporate restructurings, a clear understanding of the concepts and the clauses that evidence the intention of the parties are essential to navigating the complexities present therein. Elias looks into corporate restructuring in Nigeria, provides an overview of M&A in Nigeria, noting a clear distinction between mergers and acquisition, highlighting the legal framework of M&A in Nigeria, and providing insight into the various structures adopted in M&A transactions and the agreements used to give effect to the intention of the parties. Elias further emphasizes the existence and importance of protective clauses in M&A transactions and touches on the significance of representations and warranties (R&W), covenants, and indemnities in M&A agreements. Relatedly, Elias offers insights into negotiating these clauses effectively, and provides practical guidance for navigating and negotiating protective clauses in M&A transactions by examining key considerations such as limitation periods, R&W insurance, specific knowledge, and indemnification caps, etc., and its role in allocating risk and mitigating liability.
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Digital Technology in Legal Practice: Nigeria in Focus
0₦2,500.00Dr. A.O. Okesola, in his article, Digital Technology in Legal Practice: Nigeria in Focus, examines the reformation of the Nigeria justice system in the light of the implementation of digital technology, particularly as it pertains to court sittings in Nigeria. Okesola also investigates the legal framework for the use of ICT in the Nigeria justice system. The method adopted is both analytical and critical. Okesola finds that there is partial or non – application of electronics and modern information and communication technologies in our justice system. There is also non – existing comprehensive legal framework for the application of ICT in judicial proceedings. Okesola concludes by recommending among others that the National Information Technology Development Agency (NITDA) should create a policy direction specifically on digital technology implementation by working hand in hand with the National Judicial Institute (NJI) to deploy information technology (IT) for efficient social justice delivery in Nigeria.
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Greenmailing as a Takeover Defence Mechanism in the Nigerian Market for Corporate Control
0₦2,500.00Samuel A. Dunmade, in his article, Greenmailing as a Takeover Defence Mechanism in the Nigerian Market for Corporate Control, examines the concept and practice of “greenmailing” as a relatively new phenomenon in Nigeria. Put simply, greenmailing is a financial manoeuvre where investors buy enough shares in a target company to threaten a hostile takeover thereby prompting the target company to buy back the shares at a premium to prevent the takeover. Whilst this practice may seem innocuous on its surface, it raises a host of complex economic and ethical questions. It is crucial to evaluate the current understanding and acceptance of greenmailing in Nigeria. Although it has gained little attention to date, the country has experienced a few instances of this practice. Each case has elicited varying reactions, ranging from mild indifference to stringent criticism, a reflection of the lack of consensus on its legality and ethical implications. The incorporation of stringent anti-green mailing provisions in company laws in countries like the United States underscores its potential nefarious implications. Yet, in Nigeria, no regulatory framework is explicitly addressing greenmail. However, as the Nigerian corporate landscape becomes increasingly sophisticated and susceptible to global influences, the frequency and seriousness of greenmailing cases will likely escalate.
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Promoting Sustainable Corporate Culture to Attract Socially Responsible Investments in Nigeria
0₦2,500.00Yetunde Sarah Ogunremi, in her article, Promoting Sustainable Corporate Culture to Attract Socially Responsible Investments in Nigeria, explores the need for companies to integrate social and environmental concerns in their business operations and stakeholder relations. The move towards business sustainability was as a result of the recognition of the dangers perpetuated by companies to humanity and the environment. Prior to the early 1990s, the focal point of companies was on financial goals and creating the greatest value for a selected few known as the shareholders. It is now expedient for companies to consider the impact of their operations on the people and planet. Sustainable governance promotes accountability and transparency while balancing economic, social and environmental considerations. Companies are significant social players and responsible to all their stakeholders. They have the chance to affect global agendas and the world around them. Nigerian companies must be responsible in their dealings and sustainable in the long term in order to attract foreign investments. Ogunremi examines the move from shareholder profit maximization to stakeholder value and how foreign investments in the country are hindered by failure to use resources of today in ways that promote long term value and benefit to future generations. Ogunremi advocates for a comprehensive framework to regulate business operations in Nigeria.
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Legal Issues in Bankers’ Duty of Confidentiality in Nigeria
0₦2,500.00Dr. Kehinde Anifalaje, in his article, Legal Issues in Bankers’ Duty of Confidentiality in Nigeria, examines the common law and statutory duty of confidentiality imposed on the banker in Nigeria and the qualifications thereto. It is argued that disclosures made under compulsion of law, pursuant to specific statutory enactments and regulations that are purposively targeted at combating crime and fraud in the country, as exemplified by the Money Laundering (Prevention and Prohibition) Act 2022, have become the most dominant of the qualifications to the banker’s duty of confidentiality. Anifalaje submits that, though statutes authorising disclosures in defined circumstances are salubrious, the need to appropriately balance this against the legitimate interest and the right to privacy of the customer is also desirable. Anifalaje concludes, inter alia, with the need for banks to duly comply with reporting guidelines as stipulated by the regulatory authorities and at the same time guard against unlawful disclosure of information pertaining to the accounts of the customer in the overall interest of all stakeholders and the stability of the economy.
