Brief introduction of the common taxes paid by individuals and corporate bodies in Nigeria. A listing of the various taxes imposed by law on individuals and businesses in Nigeria would readily create an impression of multiple taxation or over-taxation. This, in fact, is usually topmost in the complaints of the general public about Nigerian taxation.…
Abstract This paper seeks to create an insight into the intendments of the Nigerian Value Added Tax Act on taxation of supplies by non-residents to Nigerian residents, and the ideal approaches for amelioration of the controversies. Analyses of laws and judicial decisions in the paper find that the Destination Principle and the Reverse Charge Mechanism…
Dr. Jerome Okoro* INTRODUCTION Following its earlier expression of interest to go after alleged tax defaulters with huge funds in Nigerian banks, the Federal Inland Revenue Service (FIRS) recently started issuing letters to commercial banks, appointing them as tax collection agents for such customers.[1] The letters contain directives to the banks to freeze the named…
PC Obutte[1] and Jerome Okoro[2] Abstract The Federal Government of Nigeria in the 1990s, took steps to develop Nigerian marginal fields by mandating transfer of the fields by the IOCs to other companies interested in acquiring them. The new policy saw the emergence of several indigenous players in the Nigerian upstream petroleum industry as…
Abstract The marginal field programme in Nigeria commenced with the legislative recognition of these fields in the Petroleum Act, 1996 and provision for their farm out to indigenous companies. One of the major goals of this programme was to bring the marginal fields into production, and increase Nigeria’s daily oil and gas output and the…
The Federal Inland Revenue Service (FIRS) has, through a Public Notice, announced the creation of a new tax office to attend exclusively to the tax affairs of non-resident persons in Nigeria. The Non-Resident Persons’ Tax Office (NRPTO) is located within the International Tax Department of FIRS in Ikoyi, Lagos. However, the office would not commence…
INTRODUCTION The Federal Government of Nigeria, through the Nigerian Investment Promotion Commission (NIPC), recently granted pioneer status tax holiday to 25 companies – https://punchng.com/fg-grants-three-year-tax-holiday-to-25-companies/. With this development, it is sought here to critically examine the law and procedure applicable to pioneer status, while analyzing the impact of the latest grants on the concerned industries and…
INTRODUCTION The doctrine of legitimate expectation demands that a public authority respects and applies its stated position or sustained practice in exercising its powers. It is a principle of fairness in the exercise of public powers which is recognised and applied by the courts on the rationale that public authorities are bound by the impression…
Jerome Okoro[1] and P. C. Obutte [2] Abstract This paper examines the role of tax incentives in marginal field development in Nigeria. With a doctrinal research methodology consisting of analyses of laws, policies, principles and practices, and a slight comparative study of Nigeria with Malaysia and Angola, the research discovers that marginal field operations,…
Jerome Okoro[1] and P.C. Obutte[2] Abstract This paper examines the feasibility of corporate restructuring as a turn-around mechanism for the marginal field companies in Nigeria. It examines the nature, procedure, and statutory requirements of corporate restructuring schemes in the context of marginal field development. The study finds that corporate strength or weakness is a…