Introduction Recently, the Federal Inland Revenue Service (“FIRS”) served tax assessments on international shipping companies that are considered to have generated income liable to Nigerian tax. The assessments on the international shipping companies relate to back taxes from 2010. In Nigeria, international shipping companies are liable to tax on the revenue they generate from transporting…
Introduction On 27 February 2019, the Court of Appeal delivered a judgment in which it held that African Reinsurance Corporation (“Africa Re”) is not liable to make industrial training fund (“ITF”) contributions by reason of its exemption from payment of all taxes and levies in Nigeria. This decision, in effect, reverses the earlier judgment of…
Nigeria’s EPC tax regime is currently receiving an unprecedented level of attention in view of the pending landmark controversy on turnkey impost and its potential reverberations on the tax position of similar project delivery structures which are commonplace in the country. The EPC tax system has always appeared straightforward to taxpayers, practitioners and the courts.…
Nigeria’s Tax Appeal Tribunal has decided that gas dividends are liable to withholding tax which, it is understood, was affirmed by the Federal High Court. But a review of the applicable law and the tax accounting treatments that the dispute entails appears to raise doubt about the accuracy of the decision.
In this paper published in the International Energy Law Review (2018), our Kingsley Amaefule analysed Nigeria’s National Gas Policy 2017, highlighting laudable initiatives and identifying areas for policy improvement. This analysis covered the critical aspects of the Policy such as wholesale market competition, regulation, unbundling and open access, fiscals, pricing, PSC gas, LNG, gas infrastructure,…
Nigeria’s Value Added Tax Act (the “VAT Act”) provides for the imposition of tax on the supply of goods and services. Considering the nature of goods and services, one would have expected that the scope of the VAT Act would not be moot. But the Federal Inland Revenue Service’s (the “FIRS”) browbeating of taxpayers who…
Read our Kingsley Amaefule’s article titled “Nigerian VAT: A Practitioner’s Guide” published byThomson Reuters/Tax & Accounting in the May 2017 edition of its Journal of International Taxation. Matters of interest to your organization in the article may include: a. A critique of TAT’s decisions in Gazprom v FIRS(provision of consultancy services by a non-resident to…